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During 2014, Palo Fiero purchases the following property for use in his calendar year-end manufacturing business: Palo uses the accelerated

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During 2014, Palo Fiero purchases the following property for use in his calendar year-end manufacturing business:
During 2014, Palo Fiero purchases the following property for use

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 2014.

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Item Date Acauired Cost S 35,000 3,500 35,000 165,000 Manufacturing equipmentJune 2 Office furniture Office computer Passenger automobile (used November 15 September 18 4,500 90 percent for business ay 31 Warehouse March 23 Building Land 135,000

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Form 4562 on pages 149 and 150 Convention test 4 th quarter 4 500 total personal property 78 000 6 thus half year convention Assets Recovery Period Machinery 7 year Office Furniture 7 year Office Comp…View the full answer


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Question Posted: July 16, 2015 07:11:10
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