Small Corporation purchases and places in service the following 100% business-use assets. Small does not elect Sec.179

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Small Corporation purchases and places in service the following 100% business-use assets. Small does not elect Sec.179 expense on any of these properties.

Office Equipment costing $60,000: placed in service on March 3, 2018

Furniture costing $30,000: placed in service on November 3, 2018

a) What are Small's depreciation deductions in 2018?

b) If Small corporation sells the equipment on September 2, 2019, what is depreciation deduction for equipment in 2019?

Related Book For answer-question

Income Tax Fundamentals 2019

ISBN: 9781337703062

37th edition

Authors: Gerald E. Whittenburg, Steven Gill

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Posted Date: Aug 06, 2021 09:55 PM

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Small Corporation purchases and places in service the following 100% business-use assets. Small does not elect Sec.179

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a The depreciation can be charged as MACRS depreciation method This method is specified by the Internal Revenue Services IRS for calculating depreciat... View the full answer

Income Tax Fundamentals 2019

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