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How much depreciation of building on leasehold improvement is allowed?
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Can you destroy asphalt replaced in a leasehold improvement?
Leasehold improvements are covered in the Lease. More specifically what is allowed and what is not. As long as the Asphalt removal is allowed under the lease, disposal will be allowed or what must be done with it will be detailed.
Is land Depreciable Assets?
In urban area, land has its appreciation value. But while preparing Balance Sheet for a company, depreciation is allowed on land and building, being fixed asset.
Is depreciation allowed a debit or credit?
Depreciation is expense and like all other expense it also has debit balance as default balance and all revenues has credit balance as default balance.
Do you have to take depreciation on a rental property?
No, you are not required to depreciate rental property. Sometimes, when a person knows they aren't going to keep the property but a year or two, it may not be to their advantage to depreciate the property as they will have to recapture the depreciation upon selling it. Depreciation is a deduction that you are allowed to take on your tax return in order to reduce your taxable income from this source, but it is not required.
Is taxable profit the same as net profit?
Business net profit is adjusted for things like tax depreciation as well as some items which are not allowed by tax department as expense or income or deduction to arrive at taxable profit.
Can you destroy asphalt replaced in a leasehold improvement?
Leasehold improvements are covered in the Lease. More specifically what is allowed and what is not. As long as the Asphalt removal is allowed under the lease, disposal will be allowed or what must be done with it will be detailed.
Is land Depreciable Assets?
In urban area, land has its appreciation value. But while preparing Balance Sheet for a company, depreciation is allowed on land and building, being fixed asset.
What is the use of depreciation?
Depreciation is the distribution of cost of asset over its useful life. It is calculated as depreciation is allowed as deduction from the income of entity while calculating its tax liability. The above answer is given in respect of Indian Accounting Standards.
Is depreciation allowed a debit or credit?
Depreciation is expense and like all other expense it also has debit balance as default balance and all revenues has credit balance as default balance.
Why depreciation expense is not included in the cash flow statement?
Depreciation Expense, though called an expense, is not an expense where the company actually pays money out. The statement of cash flows deals with the company's "cash flow" in order for a manager to see where the company's cash is going to and coming from. Since depreciation expense doesn't involve actual cash flow, it would not affect the Cash account.
What are the advantages of claiming depreciation on rental property?
It lowers your taxable income and therefore lowers your taxes.You are going to have to pay taxes on all depreciation "allowed or allowable" when you sell the property, so you might as well take advantage of it.
Do you have to take depreciation on a rental property?
No, you are not required to depreciate rental property. Sometimes, when a person knows they aren't going to keep the property but a year or two, it may not be to their advantage to depreciate the property as they will have to recapture the depreciation upon selling it. Depreciation is a deduction that you are allowed to take on your tax return in order to reduce your taxable income from this source, but it is not required.
An improvement in the passenger elevator allowed for the functionality of taller skyscrapers?
last time i checked this was America
The development of the railroad would be considered an improvement in technology.?
To most of the world, this was a great improvement. It allowed food to be distributed and people to see places they could not otherwise see.
Why is depreciation good?
Depreciation is good because it allows companies to write something off as a loss. If a company has a piece of equipment that costed $5,000 an can depreciate over a five year period, the company can write off a $1,000 loss every year for five years. Therefore, if a company makes 10,000 dollars a year and is allowed to have a depreciation expense of $1,000 then they only get taxed on $9,000.
Is taxable profit the same as net profit?
Business net profit is adjusted for things like tax depreciation as well as some items which are not allowed by tax department as expense or income or deduction to arrive at taxable profit.
Which improvement to the steam engine made it efficient?
The additon of a condenser, which allowed condensation without the loss of heat in the piston
