Way Corporation disposed of the following tangible personal property assets in the current year. Assume that the

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Way Corporation disposed of the following tangible personal property assets in the current year. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation’s 2020 depreciation deduction (ignore §179 expense and bonus depreciation for this problem).


Asset


Date acquired


Date sold


Convention

Original

Basis

Furniture (7 year)

5/12/16

7/15/20

HY

$55,000

Machinery (7 year)

3/23/17

3/15/20

MQ

$72,000

Delivery truck* (5 year)

9/17/18

3/13/20

HY

$20,000

Machinery (7 year)

10/11/19

8/11/20

MQ

$270,000

Computer (5 year)

10/11/20

12/15/20

HY

$80,000

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Related Book For  answer-question

Taxation Of Individuals And Business Entities 2021

ISBN: 9781260247138

12th Edition

Authors: Brian Spilker, Benjamin Ayers, John Barrick, Troy Lewis, John Robinson, Connie Weaver, Ronald Worsham

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