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Homework 8-46-please help
Olga is the proprietor of a small business. In 2013, the business income before consideration of any cost recovery or 179 deduction, is $250,000. Olga spends $600,000 on new seven-year class assets and elects to take the 179 deduction on them. She elects not to take additional first-year depreciation. Olgas cost recovery deduction for 2012, except for the cost recovery with respect to the new seven-year assets, is 95000 . Determine Olga cost recovery for 2013 with respect to the seven year class assets and the amount of any 179 carry forward. I need input in the excel for 8-46 sheet.
8-36 Homework
Debra acquired the following new assets during 2013.
Apr 11, Furniture, 40k
July 28, Trucks, 40k
Nov 3, Computers, 70k
Determine the cost recovery for the current year. Debra does not elect immediate expensing under § 179. She does take additional first-year depreciation.
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