Chandler acquired the following new assets during 2018: Date Asset Cost February 1 Agricultural machinery and equipment
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Question:
Chandler acquired the following new assets during 2018:
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Chandler does not elect immediate expensing under § 179 but takes the additional first-year depreciation for the agricultural machinery and equipment and calculators.
Click here to access the depreciation table to use for this problem.
a. What MACRS convention applies to the assets?
Mid-quarter
b. What class of property is each asset for MACRS?
Agricultural machinery - seven years, calculators - five years, Trucks - five years
c. The cost recovery for the current year is:
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Related Book For
South western Federal Taxation 2017 Essentials of Taxation Individuals and Business Entities
ISBN: 9780357109144
20th edition
Authors: William A. Raabe, David M. Maloney, James C. Young, Annette Nellen
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