Marlena acquired the following new assets during 2020: Data Asset Cost April 30 Computers $22,000 August 1
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Question:
Marlena acquired the following new assets during 2020:
Data | Asset | Cost |
April 30 | Computers | $22,000 |
August 1 | Automobile (GVW rating of over 6,000 pounds) | $38,000 |
December 30 | Office furniture | 100,000 |
Marlena does not elect additional first-year depreciation for 2020. However, she does elect § 179 for only the office furniture.
If required, round your answers to the nearest dollar. Click here to access the depreciation table to use to complete this problem.
a. What MACRS convention applies to the assets? Half-year
b. What class of property is each asset for MACRS? Office furniture, seven-year; automobile, five-year; computers, five-year
c. The cost recovery for the current year is:
Computers: $4,400
Automobile: $7,600
Office furniture: $0 x is wrong answer
Related Book For
South western Federal Taxation 2018 Essentials of Taxation Individuals and Business Entities
ISBN: 9781337386173
21st edition
Authors: William A. Raabe, James C. Young, Annette Nellen, David M. Maloney
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