# CHAPTER 7 ACCOUNTING PERIODS AND METHODS AND DEPRECIATION

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1 Solutions for Questions and Problems Chapter CHAPTER 7 ACCOUNTING PERIODS AND METHODS AND DEPRECIATION Group 1 - Multiple Choice Questions 1. C (1/12 of \$150,000) x 2 8. C (20% x \$35,000) 16. D (Section 7.9) (Section 7.1) (Sections 7.4, 7.5) 17. A (Section 7.9) 2. D (Section 7.1) 9. B (\$14,000 x 7.14%) (Section 7.4) 18. C (Section 7.9) 3. D (Section 7.1) 10. C (Section 7.4) 19. C (40% + 35%) 4. D (Section 7.2) 11. A (Section 7.4) (Section 7.9) 5. B (Section 7.2) 12. C (Section 7.5) 6. C (\$100,000 x 1.364%) 13. C (Section 7.6) (Sections 7.3, 7.4) 14. D (Section 7.8) 7. A (Sections 7.4, 7.6) 15. D (Section 7.8) Group 2 - Problems 1. a. \$11,000 = (\$300,000 / 12 x 2 x (35% maximum rate + 1%)) \$7,000. b. May 15, (Section 7.1) 2. Sales income \$65,000 Expenses: Other than rent and interest 40,000 Rent (\$12,000 x 1/6) 2,000 Interest 0 Net Income \$23,000 (Section 7.2) 3. Income: Other than rental \$220,000 Rental 21,000 Expenses: Other than rental 170,000 Rental (\$12,000 / 6) 2,000 Net Income \$ 69,000 (Section 7.2) 4. a. Even though the contribution is paid in cash in 2008, it is deductible in 2007 if it is designated as a contribution for b. If an election has been made, the increase in value of savings bonds is included in income each year even though no cash is received. c. The half-year prepayment of interest for 2008 is not allowed as a deduction on her 2007 tax return. d. All of the standard business expenses which have already been invoiced and are paid at year end are deductible in e. Even though the work was performed in 2007, the income is not recognized until it is received in cash in (Section 7.2) 159

2 160 Chapter 7 Accounting Periods and Methods and Depreciation 5. Land is not allowed to be depreciated. It is held on the taxpayer s books at its cost basis. Land is considered to be an asset that is not subject to obsolescence. (Section 7.3) 6., the tax law allows a taxpayer to take tax depreciation on a residential rental building no matter what happens to its value in the market. Even if the value of the building doubles or triples, the depreciation is allowed and remains the same regardless of fluctuations up and down in value. The term depreciation does not necessarily mean physical deterioration or loss of value of the asset, though this is usually true of the asset. The depreciation of computers, office furniture, automobiles, etc. often follows the decline in value of the assets reasonably well. (Section 7.3 and following sections) 7. a. \$5,067 = (\$39,080 1,080)/60 months x 8 months. b. \$3,908 = \$39,080 x 10%. The taxpayer must use the annual percentage rates from the optional straight-line table (Table 3). c. \$7,816 = \$39,080 x 20% (Table 2). (Section 7.4) 8. Election to expense \$ 6,500 Depreciation on automobile: \$21,500 x 20% = \$4,300, but limited to \$3,060 3,060 Total depreciation \$ 9,560 For 2007, the automobile is five-year recovery property; however, the depreciation deduction is subject to the annual automobile depreciation expense limitations. (Sections 7.4, 7.5, 7.7) 9. a. \$20,762 = (\$800,000 x 1.364%) + (\$500,000 x 1.97%.) b. \$47,268 = (\$800,000 x 3.636%) + (\$500,000 x 3.636%.) (Section 7.4) 10. a. \$2,295 = (\$3,060 x 75%); limit is less than MACRS of \$5,250 = (\$35,000 x 20% x 75%). b. \$3,675 = \$4,900 x 75%; limit is less than actual of \$8,400 = (\$35,000 x 75% x 32%). (Sections 7.4, 7.6, 7.7) 11. \$540 = (\$3,000 x 20%) x (80% + 10%). The total depreciation on the computer must be divided between the business use, \$480, (80%/90% x \$540); and the investment use, \$60, (10%/90% x \$540). (Sections 7.4, 7.6) 12. See Form 4562 on pages 163 and 164. (Sections 7.4, 7.6, 7.7) 13. a. 5 years b. 7 years c. 5 years d years e. 39 years f. life, no depreciation allowed. (Section 7.4) 14. When a taxpayer acquires more than 40% of its MACRS depreciable property (other than real estate) during the last quarter of the year, the taxpayer must use the mid-quarter convention in calculating depreciation rather than the mid-year convention. There are separate MACRS percentage tables for the mid-quarter depreciation convention. This treatment requires all assets purchased in any quarter of the year to be treated as purchased at the middle of that quarter. (Section 7.4)

3 Solutions for Questions and Problems Chapter a % x \$200,000 = \$4,546 b. 32% x \$3,000 = \$960 c. 10% x \$4,000 = \$400 d % x \$10,000 = \$1,749 (Section 7.4) 16. Tom should expense the machine under the Section 179 election to expense. Under the election to expense he can write off the entire cost of the machine in 2007 and bring his taxable income down to \$75,000. If Tom does not elect to expense the machine, he must depreciate it over a life of 7 years, and will get only a small immediate tax benefit for the purchase. (Section 7.5) 17. See the answer to Problem 12. (Sections 7.4, 7.6, 7.7) 18. Even though a car has a 5 year life under MACRS, the depreciation allowed for the car is limited to the amounts allowed under the luxury auto rules. The car is allowed \$3,060, \$4,900 and \$2,850 of depreciation in the first three years and then \$1,775 a year thereafter. The car will be fully depreciated in 14 years using this schedule: Year 1 \$3,060 Year 2 \$4,900 Year 3 \$2,850 Years 4-13 \$1,775 Year 14 \$1,440 Total \$30,000 (Section 7.7) 19. a. \$85,000 = \$40,000 + \$45,000 b. \$1,889 deductible for \$85,000/(15 x 12) x 4 months = \$1,889. (Section 7.8) 20. The purchased goodwill and going-concern value should be amortized over 15 years at \$300 a month as a Section 197 intangible asset. (Section 7.8) 21. a. 36% = 20% + (80% x 20%) b. 60% = 30% + 30% c. 60% = 30% + 30% d. \$0 Brian owns more than 50% of JBC Corporation, directly or indirectly. (Section 7.9) 22. Section 267(a) is not reproduced here. (Section 7.9) Group 3 - Comprehensive Problems 1. See pages 165 through See pages 169 through 174.

4 162 Chapter 7 Accounting Periods and Methods and Depreciation Group 4 - Cumulative Software Problem The solution to the Cumulative Software Problem is posted on the Internet site for the text at

15 Solutions for Questions and Problems Chapter Comprehensive Problem 2, cont. SCHEDULE D (Form 1040) Department of the Treasury Internal Revenue Service Name(s) shown on return Part I 1 (99) Capital Gains and Losses Attach to Form 1040 or Form 1040NR. See Instructions for Schedule D (Form 1040). Use Schedule D-1 to list additional transactions for lines 1 and 8. Short-Term Capital Gains and Losses Assets Held One Year or Less (a) Description of property (Example: 100 sh. XYZ Co.) (b) Date acquired (Mo., day, yr.) (c) Date sold (Mo., day, yr.) (d) Sales price (see page D-6 of the instructions) (e) Cost or other basis (see page D-7 of the instructions) 0 6 /0 8 / Enter your short-term totals, if any, from Schedule D-1, line Total short-term sales price amounts. Add lines 1 and 2 in column (d) 3 4 Short-term gain from Form 6252 and short-term gain or (loss) from Forms 4684, 6781, and Net short-term gain or (loss) from partnerships, S corporations, estates, and trusts from Schedule(s) K Short-term capital loss carryover. Enter the amount, if any, from line 10 of your Capital Loss Carryover Worksheet on page D-7 of the instructions 6 OMB Attachment Sequence. 12 Your social security number Larry and Lisa Williams (f) Gain or (loss) Subtract (e) from (d) ( ) 7 Net short-term capital gain or (loss). Combine lines 1 through 6 in column (f) Part II Long-Term Capital Gains and Losses Assets Held More Than One Year 7 8 (a) Description of property (Example: 100 sh. XYZ Co.) (b) Date acquired (Mo., day, yr.) (c) Date sold (Mo., day, yr.) (d) Sales price (see page D-6 of the instructions) (e) Cost or other basis (see page D-7 of the instructions) (f) Gain or (loss) Subtract (e) from (d) Land 07/01/02 07/01/07 75, ,000 Related Party Loss Disallowed 9 Enter your long-term totals, if any, from Schedule D-1, line Total long-term sales price amounts. Add lines 8 and 9 in column (d) 10 75, Gain from Form 4797, Part I; long-term gain from Forms 2439 and 6252; and long-term gain or (loss) from Forms 4684, 6781, and Net long-term gain or (loss) from partnerships, S corporations, estates, and trusts from Schedule(s) K Capital gain distributions. See page D-2 of the instructions Long-term capital loss carryover. Enter the amount, if any, from line 15 of your Capital Loss Carryover Worksheet on page D-7 of the instructions 14 ( ) 15 Net long-term capital gain or (loss). Combine lines 8 through 14 in column (f). Then go to Part III on the back 15 0 For Paperwork Reduction Act tice, see Form 1040 or Form 1040NR instructions. Cat H Schedule D (Form 1040) 2007

16 174 Chapter 7 Accounting Periods and Methods and Depreciation

17 Solutions for Questions and Problems Chapter Key Number Tax Return Summary Chapter 7 Comprehensive Problem 1 Schedule C, Gross Income (Line 7) Form 4562, Depreciation on 7-Year Property (Line 19c) Schedule C, Depreciation (Line 13) Schedule C, Total Expenses (Line 28) Schedule C, Net Profit or (Loss) (Line 31) 124, ,686 64,386 59,614 Comprehensive Problem 2 Adjusted Gross Income (Line 37) Deductions (Line 40) Exemptions (Line 42) Tax Liability (Line 63) Tax Overpaid (Line 73) 142,140 92,300 6,800 5,671 4,329

18 176 Chapter 7 Accounting Periods and Methods and Depreciation

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