Graham landscaping

by | Aug 8, 2021 | Assignment

Background Graham started his own landscaping business this year. He is interested in getting the greatest deduction he can on the capital-asset purchases he made this year. He provides you with the following list of purchases: Item Date of Purchase/ Contribution Cost Graham’s personal contribution of riding lawnmower5/4/xx$5,878FMV at contribution $4,200New zero-turn super mower4/7/xx$15,989Used backhoe9/23/xx$26,000New dump truck10/8/xx$45,763Used garage11/9/xx$78,555New computer 7/19/xx$3,450Used Ford Focus6/6/xx$12,456 (60% business use)Additional Information

The taxable income before any depreciation deduction for the year is $158,000.

Task

Using relevant tax laws and regulations, identify and explain the maximum depreciation deduction for Graham’s business.Use the tax research memo outline to create your tax memo.

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