Tax 670 Final Project.docx TAX670 Tax Planning Research Southern New Hampshire Universi

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Tax 670 Final Project.docx TAX670 Tax Planning Research Southern New Hampshire University I. Bonus Depreciation and Extra Deduction Nora owns and operates C-C Bakery, and she has contacte... d our tax firm for advice on three different tax scenarios. In tax situation one, Nora is expanding her business and buying new and used equipment. She needs advice about bonus depreciation, the ability to take an extra deduction in one year, and whether the assets qualify. She plans to purchase a new $10,000 oven, a new $5,000 bakery display case, a new $7,000 refrigerator, and freezer, a $5,000 used commercial mixer. Additionally, she plans to make some leasehold improvements to the building and roof prices at $20,000. Issue: How much bonus depreciation and extra deductions can Nora claim on the purchase of the new and used properties and leasehold improvements? Authorities: IRC Section 167 IRC Section 179 IRC S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . [Show More]

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