Dain's Diamond Bit Drilling purchased the following assets this year. Asset Purchase Date Original Basis Drill bits
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Question:
Dain's Diamond Bit Drilling purchased the following assets this year.
Asset | Purchase Date | Original Basis |
---|---|---|
Drill bits (5-year) | Jan-08 | $ 91,400 |
Drill bits (5-year) | Jul-15 | 96,400 |
Commercial building | Apr-13 | 248,000 |
Assume its taxable income for the year was $67,000 for purposes of computing the §179 expense (assume no bonus depreciation).
What is Dain's maximum depreciation deduction for the year (including §179 expense)?
(Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.)
Related Book For
Taxation Of Individuals And Business Entities 2016
ISBN: 9781259334870
7th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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