Question: DERI-SEC 7 EX 2,4 & 6 1. During 2021, Basil Company purchases equipment (7-year property) for $100,000, takes a Sec. 179 deduction of $50,000

DERI-SEC 7 EX 2,4 & 6 1. During 2021, Basil Company purchases

DERI-SEC 7 EX 2,4 & 6 1. During 2021, Basil Company purchases equipment (7-year property) for $100,000, takes a Sec. 179 deduction of $50,000 and elects out of 100% bonus. a. Compute maximum tax depreciation for the equipment for 2021-2028. 2. In 2021, Fast Money, Inc. purchases only one asset machinery (5-year property) for $850,000. Fast Money takes a Sec. 179 deduction of $500,000 and elects out of 100% bonus. a. Compute maximum tax depreciation for 2021-2026. 3. In December 2021, CityCo purchases a building for $150,000. Compute tax depreciation for this property for 2021-2023 if a. The building is commercial. b. The building is residential.

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