ACC 401 WEEK 3 ASSIGNMENT CHAPTER 6

ACC 401 WEEK 3 ASSIGNMENT CHAPTER 6
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ACC 401 WEEK 3 ASSIGNMENT CHAPTER 6
39. David is a college professor who does some consulting work on the side. He uses 25% of his home exclusively for the consulting practice. He is single and 63 years old. His AGI (without consideration of consulting income) is $45,000. Other information follows:
Income from consulting business $4,000
Consulting expenses other than home office 1,500
Total costs relating to home:
Interest and taxes 6,500
Utilities 1,500
Maintenance and repairs 450
Depreciation (business part only) 1,500
43. Janet purchased her personal residence in 2000 for $250,000. In January 2009 she converted it to rental property. The fair market value at the time of conversion was $210,000.
a. Determine the amount of cost recovery that can be taken in 2009:
b. Determine the amount of cost recovery that could be taken in 2009 if the fair market value of the property were $350,000:
Chapter 7
49. Ricardo acquired a warehouse for business purposes on August 30, 1992. The building cost $200,000. He took $133,333 of depreciation on the building, and then sold it for $350,000 on July 1, 2009. What is the amount and nature of Ricardo’s gain or loss on the sale of the warehouseACC 401 WEEK 3 ASSIGNMENT CHAPTER 6
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ACC 401 WEEK 3 ASSIGNMENT CHAPTER 6
39. David is a college professor who does some consulting work on the side. He uses 25% of his home exclusively for the consulting practice. He is single and 63 years old. His AGI (without consideration of consulting income) is $45,000. Other information follows:
Income from consulting business $4,000
Consulting expenses other than home office 1,500
Total costs relating to home:…