! Required information Problem 10-65 (LO 10-3) (Static) [The following information applies to the questions displayed below.] Phil owns a ranch business and uses four-wheelers to do much of his work. Occasionally, though, he and his boys will go for a ride together as a family activity. During year 1, Phil put 765 miles on the four-wheeler that he bought on January 15 for $6,500. Of the miles driven, only 175 miles were for personal use. Assume four-wheelers qualify to be depreciated according to the five-year MACRS schedule and the four-wheeler was the only asset Phil purchased this year. (Use MACRS Table 1, Table 2. Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Problem 10-65 Part a (Static) a. Calculate the allowable depreciation for year 1 (ignore the $179 expense and bonus depreciation). Depreciation deduction
! Required information Problem 10-65 (LO 10-3) (Static) [The following information applies to the questions displayed below.] Phil owns a ranch business and uses four-wheelers to do much of his work. Occasionally, though, he and his boys will go for a ride together as a family activity. During year 1, Phil put 765 miles on the four-wheeler that he bought on January 15 for $6,500. Of the miles driven, only 175 miles were for personal use. Assume four-wheelers qualify to be depreciated according to the five-year MACRS schedule and the four-wheeler was the only asset Phil purchased this year. (Use MACRS Table 1, Table 2. Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Problem 10-65 Part a (Static) a. Calculate the allowable depreciation for year 1 (ignore the $179 expense and bonus depreciation). Depreciation deduction
Chapter7: Losses—deductions And Limitations
Section: Chapter Questions
Problem 86TA
Related questions
Question
Rahul
![!
Required information
Problem 10-65 (LO 10-3) (Static)
[The following information applies to the questions displayed below.]
Phil owns a ranch business and uses four-wheelers to do much of his work. Occasionally, though, he and his boys will go
for a ride together as a family activity. During year 1, Phil put 765 miles on the four-wheeler that he bought on January 15
for $6,500. Of the miles driven, only 175 miles were for personal use. Assume four-wheelers qualify to be depreciated
according to the five-year MACRS schedule and the four-wheeler was the only asset Phil purchased this year. (Use MACRS
Table 1, Table 2. Table 3, Table 4 and Table 5.)
Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.
Problem 10-65 Part a (Static)
a. Calculate the allowable depreciation for year 1 (ignore the $179 expense and bonus depreciation).
Depreciation deduction](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F20e3b120-7fed-4110-8371-7c7cb96fbdcf%2Fd54c22a6-5ebc-49b3-9e76-fbfaa8f49994%2Fn90emha_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
Required information
Problem 10-65 (LO 10-3) (Static)
[The following information applies to the questions displayed below.]
Phil owns a ranch business and uses four-wheelers to do much of his work. Occasionally, though, he and his boys will go
for a ride together as a family activity. During year 1, Phil put 765 miles on the four-wheeler that he bought on January 15
for $6,500. Of the miles driven, only 175 miles were for personal use. Assume four-wheelers qualify to be depreciated
according to the five-year MACRS schedule and the four-wheeler was the only asset Phil purchased this year. (Use MACRS
Table 1, Table 2. Table 3, Table 4 and Table 5.)
Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.
Problem 10-65 Part a (Static)
a. Calculate the allowable depreciation for year 1 (ignore the $179 expense and bonus depreciation).
Depreciation deduction
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Recommended textbooks for you