The LaPoint Corporation placed in service $350,000 of used equipment (seven-year recovery property) on June 3, 2016

Question:

The LaPoint Corporation placed in service $350,000 of used equipment (seven-year recovery property) on June 3, 2016 and elected to expense $250,000 as Sec. 179 depreciation expense. LaPoint sold the equipment for $150,000 on November 22, 2017. Determine the following:

a. Depreciation allowed in 2016

b. Depreciation allowed during 2017

c. Amount of gain or loss and character

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...