Casper used the following assets in his Schedule C trade or business in the tax year 2017:
Question:
Casper used the following assets in his Schedule C trade or business in the tax year 2017:
Asset | Date Purchased | Date Sold | Business Use Percentage | Cost |
Computer 1 | 03/12/14 | 100% | $3,000 | |
Computer 2 | 05/05/14 | 05/15/17 | 100% | $2,500 |
Printer | 08/25/17 | 100% | $2,200 | |
Computer 3 | 05/25/17 | 100% | $2,800 | |
Equipment | 03/20/15 | 100% | $2,700 | |
Auto | 05/01/17 | 90% | $20,000 | |
Furniture 1 | 02/12/15 | 08/25/17 | 100% | $22,000 |
Furniture 2 | 08/15/15 | 100% | $3,600 | |
Office bldg. | 04/01/17 | 100% | $330,000 |
Casper is a new client and unfortunately does not have a copy of his prior year tax return. He recalls that all of the assets purchased in prior years used MACRS depreciation (no §179 expensewas taken). Casper does not wish to take a §179. Calculate the current year depreciation allowance for Casper’s business. Correctly report the amounts on Form 4562.
Step by Step Answer:
Asset Date Purch Date Sold Business Use Cost Method 201...View the full answer
Fundamentals Of Taxation 2018
ISBN: 9781259713736
11th Edition
Authors: Ana M. Cruz Dr., Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler
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