"It hasn't rained in North Carolina in so long that..."
[all together] "HOW LONG HAS IT BEEN????"
It hasn't rained in North Carolina in so long that...if it ever rains again, the fish would drown...
Now that you've picked yourself off the floor from this colossal overwhelming humor, here's the question:
A large farm owned by a wealthy man in Raleigh is separated by a lake. The cattle operation in the far side of the lake has been accessible only by taking a two-mile detour by road, and when time comes to change their pasture, they have to be driven and herded by road.
There has been access for humans over a 30-ft. foot bridge over the narrowest part of the lake. Cattle cannot use the bridge for a number of reasons: Ascending and descending stairways, weight, and slotted boards. (For city slickers: most livestock will not tread on boards if there are gaps they can see through)
By this September, the lake was totally dry. This made it very convenient to replace the bridge, structurally. The bridge could have been shored and renovated for some $11,000. However, the owner wanted to build a totally new bridge. This one would have ramps and a base for asphalt so that cattle could be driven across. Also much more ornate and scenic for humans as well. My last knowledge of the completed price tag was $68,000.
How much of the $68,000 can be deducted in 2007?
a. $11,000 repair plus depreciation on $57,000
b. $68,000 as a repair, with no capitalization required.
c. $0 in repairs, but depreciation on $68,000.
[all together] "HOW LONG HAS IT BEEN????"
It hasn't rained in North Carolina in so long that...if it ever rains again, the fish would drown...
Now that you've picked yourself off the floor from this colossal overwhelming humor, here's the question:
A large farm owned by a wealthy man in Raleigh is separated by a lake. The cattle operation in the far side of the lake has been accessible only by taking a two-mile detour by road, and when time comes to change their pasture, they have to be driven and herded by road.
There has been access for humans over a 30-ft. foot bridge over the narrowest part of the lake. Cattle cannot use the bridge for a number of reasons: Ascending and descending stairways, weight, and slotted boards. (For city slickers: most livestock will not tread on boards if there are gaps they can see through)
By this September, the lake was totally dry. This made it very convenient to replace the bridge, structurally. The bridge could have been shored and renovated for some $11,000. However, the owner wanted to build a totally new bridge. This one would have ramps and a base for asphalt so that cattle could be driven across. Also much more ornate and scenic for humans as well. My last knowledge of the completed price tag was $68,000.
How much of the $68,000 can be deducted in 2007?
a. $11,000 repair plus depreciation on $57,000
b. $68,000 as a repair, with no capitalization required.
c. $0 in repairs, but depreciation on $68,000.
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