Anne LLC purchased computer equipment (five-year property) on August 29 for $31,000 and used the half-year convention to depreciate it. Anne LLC did not take §179 or bonus depreciation in the year it acquired the computer equipment. During the current year, which is the fourth year Anne LLC owned the property, the property was disposed of on January 15. Calculate the maximum depreciation expense for the current year. (Use MACRS Table 1 in Question 3) Note: Round final answer to the nearest whole number.

Santa Fe purchased the rights to extract turquoise on a tract of land over a five-year period. Santa Fe paid $500,250 for extraction rights. A geologist estimates that Santa Fe will recover 7,250 pounds of turquoise. During the current year, Santa Fe extracted 2,175 pounds of turquoise, which it sold for $322,000. What is Santa Fe’s cost depletion deduction for the current year?

Stevie recently received 1,010 shares of restricted stock from her employer, Nicks Corporation, when the share price was $10 per share. Stevie’s restricted shares vested three years later when the market price was $13. Stevie held the shares for a little more than three years and sold them when the market price was $14. Assuming Stevie made an 83(b) election, what is the amount of Stevie’s ordinary income with respect to the restricted stock?

Daschle LLC completed some research and development during June of the current year. The related costs were $74,400. If Daschle wants to capitalize and amortize the costs as quickly as possible, what is the total amortization amount Daschle may deduct during the current year?

Daniela retired at the age of 65. The current balance in her Roth IRA is $200,000. Daniela established the Roth IRA 10 years ago. Through a rollover and annual contributions, Daniela has contributed $83,000 to her account. If Daniela receives a $53,000 distribution from the Roth IRA, what amount of the distribution is taxable?

Maren received 11 NQOs (each option gives her the right to purchase 14 shares of stock for $10 per share) at the time she started working, when the stock price was $7 per share. When the share price was $16 per share, she exercised all of her options. Eighteen months later, she sold all of the shares for $21 per share. What is the amount of Maren’s bargain element?

Arlington LLC purchased an automobile for $61,600 on July 5, 2024. What is Arlington’s depreciation deduction for 2024 if its business-use percentage is 75 percent? (Ignore any possible bonus depreciation.) (Use MACRS Table 1 in Question 3 and Exhibit 10-10 from Question 6)

Butte sold a machine to a machine dealer for $50,100. Butte bought the machine for $54,900 several years ago and has claimed $12,450 of depreciation expense on the machine. What is the amount and character of Butte’s gain or loss?

5. Code range 70010 to 79999 reports anesthesia services.

5. Code range 70010 to 79999 reports anesthesia services.