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Is it mandatory to deduct depreciation for the purposes of income tax?
Wiki User
∙ 11y ago
Yes, to the degree the law reads your gain will be calculated from the basis of the depreciation taken or should have been taken.
Wiki User
∙ 11y ago
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For income statement purposes depreciation is a variable expense if the depreciation method is?
Units-of-production
What type of depreciation method does the company probably use for income tax purposes?
Straight line method.
Is depreciation included in a contribution income statement?
Yes depreciation is included in contribution income statement as depreciation is part of fixed cost of company.
Accumulated Depreciation is reported on the income statement?
Accumulated Depreciation is reported on the balance sheetbecause it deals with the assets. However, depreciation expense is mentioned on the income statement.
Is Accumulated Depreciation is reported on the income statement?
Accumulated Depreciation is reported on the balance sheetbecause it deals with the assets. However, depreciation expense is mentioned on the income statement.
For income statement purposes depreciation is a variable expense if the depreciation method is?
Units-of-production
Can you deduct the amount of money you pay for child support from your earned income?
not for tax purposes
What type of depreciation method does the company probably use for income tax purposes?
Straight line method.
What is better 3 percent loan where you cannot deduct interest for tax purposes or 5 percent loan where you can deduct interst from you income tax?
It simply depends on your own personal tax situation.
Is depreciation included in a contribution income statement?
Yes depreciation is included in contribution income statement as depreciation is part of fixed cost of company.
Can self-employed couple deduct depreciation on business equipment when calculating income in determining continued eligibility for food stamps?
No. See 7 C.F.R. Sec. 273.11(b)(2)(iii)
Accumulated Depreciation is reported on the income statement?
Accumulated Depreciation is reported on the balance sheetbecause it deals with the assets. However, depreciation expense is mentioned on the income statement.
Is Accumulated Depreciation is reported on the income statement?
Accumulated Depreciation is reported on the balance sheetbecause it deals with the assets. However, depreciation expense is mentioned on the income statement.
Why depreciation is charged on assets?
depreciation -- Decline in the value of a currency, financial asset, or capital good. When applied to a capital good, depreciation usually refers to loss of value because of obsolescence, wear, or destruction (as by fire or flood). Book depreciation (also known as tax depreciation) is the depreciation that the tax code allows businesses to deduct when they calculate their taxable profits. It is typically faster than economic depreciation, which represents the actual decline in the value of the asset. Both measures of depreciation appear as part of the national income and product accounts.another definition...depreciation -- Decrease in the value of equipment from wear and tear and the passage of time. Depreciation on business equipment is generally deductible for tax purposes.another definition...depreciation -- the decline in the dollar value of an asset over time and though use. The amount of annual depreciation may be computed differently for tax purposes than the actual decline in value.
Is it correct to include depreciation of disposed of asset in income statement?
Depreciation of any asset is charged to income statement till the actual date of disposal of asset and after that date depreciation is not charged to income statement.
Does depreciation lower taxes?
Yes, depreciation is an expense and like all other expenses which reduces the incomes depreciation also reduces the income and as lower the income as lower the tax.
Where does accumulated depreciation go on a multiple step income statement?
accumulated depreciation is a part of financial statement while its counteract or effect is recorded into income statement as a Depreciation Expense.
