Taxes

Omar acquires used 7-year personal property for $100,000 to use in his business in February 2008. Omar does not elect 179 expensing, but does take the maximum recovery dedcution. As a result, Omar will have a positive AMT adjustment in 2008 of what amount?

  1. 👍 0
  2. 👎 1
  3. 👁 148
  1. 3580

    1. 👍 0
    2. 👎 1
    posted by jane

Respond to this Question

First Name

Your Response

Similar Questions

  1. introduction to business

    Suppose the business has total assets worth Rs. 450,000/- and total liabilities of Rs. 800,000/-. Mr. Ali has the personal property of Rs. 200,000/- and Mr. Yasir has the personal property of Rs. 125,000/-. In case the business is

    asked by maham on October 21, 2011
  2. accounting

    Suppose the business has total assets worth Rs. 450,000/- and total liabilities of Rs. 800,000/-. Mr. Ali has the personal property of Rs. 200,000/- and Mr. Yasir has the personal property of Rs. 125,000/-. In case the business is

    asked by maham on October 22, 2011
  3. finance

    As of December 31, 2008, Johnstown Company has $50,000 in accounts payable, $100,000 in promissory notes payable in 5 years, $100,000 in cash, $50,000 in accounts receivable and $50,000 in property, plant and equipment. The

    asked by Anonymous on December 20, 2009
  4. programming

    You are required to design and write an application that will analyze an input file (InputFile.txt); the file contains a date on each line. Your algorithm should output all the missing dates, excluding Saturdays and Sundays. You

    asked by Anonymous on April 3, 2012
  5. finance

    Knight has a property tax base with an appraised value consisting of $142,000,000 of taxable real property and $78,000,000 of taxable personal property. The assessment ratio is 50%. Exemptions for the elderly reduce assessed value

    asked by angela on September 9, 2012
  6. Finance

    Abe is an entrepreneur who likes to be actively involved in his business ventures. He is going to invest $500,000 in a business that he projects will produce a tax loss of approximately $100,000 per year in the short run. However,

    asked by dwayne on September 5, 2013
  7. Math

    A property company purchases a new office space for lease to a small business for $2,400,000 including a land value of$400,000. the property is placed in service on March 15,1999.using MACRS,what is the depreciation on this

    asked by Kara on July 9, 2009
  8. Goodwill valuation - Accountancy

    In case of Admission: Given a balance sheet as at 31 Dec 2008. The new partner was admitted on 1 Jan 2009. Goodwill was agreed at 2 years purchase and was to be valued in accorfance to the weighted average gross profit method for

    asked by sniper on January 24, 2012
  9. accounting

    O'Hara Inc. made sales of $310,000 during 2008, it's first year of operations. Of this, $15,000 remained in accounts receivable at the end of the year. Additionally, the company paid and incurred $270,000 in expenses during the

    asked by Joyce on November 14, 2010
  10. Accounting

    Ferguson Company was started in 2008 when it acquired $60,000 from the issue of common stock. The following data summarize the company's first years' operating activities. Assume that all transactions were cash transactions. 2008

    asked by Rosa on February 26, 2011

More Similar Questions