“Depreciation and Cost Recovery” Please respond to the following:
- Imagine that your client is leasing business vehicles. Examine the rules for claiming deductions for business vehicles. Next, recommend one method of cost-recovery deductions that would result in the largest tax deduction for your client. Support your recommendation.
- Imagine that your client is purchasing a vehicle for his / her business. Recommend a strategy for your client that maximizes the tax deductions available for such a purchase. Provide a rationale to support your recommendation.
Amortization and Depletion” Please respond to the following:
- Choose an intangible asset, and debate whether or not you believe amortization should be deductible on the asset. Support your rationale with one example.
- Imagine that your client owns a company that drills for oil and natural gas. Assess the appropriateness of the depletion methods available to your client, and recommend the method that produces the greatest tax benefit. Provide a rationale for your response.
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