During 2020, Pepe Guardio purchases the following property for use in his calendar year-end manufacturing business: Pepe
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During 2020, Pepe Guardio purchases the following property for use in his calendar year-end manufacturing business:
Pepe uses the accelerated depreciation method under MACRS, if available, and does not make the election to expense and elects out of bonus depreciation. Use Form 4562 on Pages 8-43 and 8-44 to report Pepe’s depreciation expense for 2020.
Transcribed Image Text:
Item Manufacturing equipment (7 year) Office furniture Office computer Passenger automobile (used 85 percent for business) Warehouse Building Land Date Acquired June 2 September 15 November 18 May 31 July 23 Cost $50,000 8,000 2,000 55,000 170,000 135,000
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See Form 4562 on pages 85 and 86 Convention test 4th quarter 2000 total personal property 106750 note auto at 85 2 thus halfyear convention Auto depreciation 55000 x 85 x 20 9350 but limited to 10100 ...View the full answer
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