During 2016, Palo Fiero purchases the following property for use in his calendar year-end manufacturing business: Palo

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During 2016, Palo Fiero purchases the following property for use in his calendar year-end manufacturing business:

Palo uses the accelerated depreciation method under MACRS, if available, and does not make the election to expense or take bonus depreciation.

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Income Tax Fundamentals 2017

ISBN: 9781305872738

35th Edition

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

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Question Posted: Jul 19, 2017 11:01 AM

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During 2016, Palo Fiero purchases the following property for use in his calendar year-end manufacturing business: Palo

Question:

Item Date Acquired Cost $ 37,000 4,500 3,800 Manufacturing equipment (7 year) Office furniture Office computer Passenger automobile (used June 2 September 15 November 18 90 percent for business) May 31 April 23 37,500 Warehouse Building Land 170,000 135,000

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See Form 4562 below Convention test 4th quarter 3800 total personal property 82800 5 thus halfyear convention Assets Recovery Period Machinery 7year Office Furniture 7year Office Computer 5year Auto d...View the full answer

Income Tax Fundamentals 2017

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