During 2012, Palo Fiero purchases the following property for use in his manufacturing business: Palo uses the

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During 2012, Palo Fiero purchases the following property for use in his manufacturing business:

Palo uses the accelerated depreciation method under MACRS, if available, and does not make the election to expense or take bonus depreciation. Use Form 4562 on pages 7-37 and 7-38 to report Palo's depreciation expense for 2012.

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Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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Question Posted: Dec 01, 2016 08:14 AM

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During 2012, Palo Fiero purchases the following property for use in his manufacturing business: Palo uses the

Question:

te rn Manufacturing equipment Office furniture Office computer Passenger automobile (used Date Aaqtuired June 2, 2012 November 15,2012 September 18, 2012 Cast S 35,000 4,500 3,500 90 percent for business)May 31, 2012 35,000 Warehouse March 23, 2012 Building Land 165,000 135,000

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For 4562 Department of the Traury Internal Revenue Service 90 Names shown on return Palo Fiero Part I Election To Expense Certain Property Under Section 179 Note If you have any listed property comple...View the full answer

Income Tax Fundamentals 2013

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