Cost Recovery on Property: Depreciation, Depletion, and Amortization Question: 1- On May 18, 2020, Joyce purchases a
Question:
Cost Recovery on Property: Depreciation, Depletion, and Amortization Question:
1- On May 18, 2020, Joyce purchases a computer system for $2,700. She also buys a color printer/copier/fax machine for $450. All the equipment is used exclusively in her business?
2- On June 12, 2020, Joyce sells her old computer system for $300 and her printer for $75. She had acquired the computer system and printer on February 18, 2017, for $2,800 and $425, respectively. When the Schnappaufs prepared their 2017 tax return, they elected to expense the computer and printer using Section 179. The computer system and the printer were used exclusively in her business.
How should this be recorded on tax forms and which form?
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson