Question: Help please!! c. Assume you can use 150% declining balance under MACRS with the half year convention to depreciate the farm truck (table A-14). Please
c. Assume you can use 150% declining balance under MACRS with the half year convention to depreciate the farm truck (table A-14). Please calculate the MACRS tax depreciation schedule for the farm truck using the recovery life from part b. Note there may be more years in the table below than you need. (8 points) MACRS Depreciation Table from IRS P946 (2020) Table A-14 150% Declining Balance Methods: Half Year Convention Recovery Period in Years Year 3 5 7 10 15 1 25.00 15.00 10.71 7.50 5.00 2 37.5 25.5 19.13 13.88 9.5 3 25 17.85 15.03 11.79 8.55 4 12.5 16.66 12.25 10.02 7.7 5 16.66 12.25 8.74 6.93 6 8.33 12.25 8.74 6.23 7 12.25 8.74 5.9 8 6.13 8.74 5.9 9 8.74 5.91 10 8.74 5.9 11 4.37 5.91 12 5.9 13 5.91 14 5.9 15 5.91 16 2.95 ON Year Remaining value at beginning of year Depreciation Remaining value at end of year 2021 (Year 1) 2022 (Year 2) 2023 (Year 3) 2024 (Year 4) 2025 (Year 5) 2026 (Year 6) 2027 (Year 7) AREA TO SHOW YOUR WORK-MUST SHOW WORK FOR CREDIT: c. Assume you can use 150% declining balance under MACRS with the half year convention to depreciate the farm truck (table A-14). Please calculate the MACRS tax depreciation schedule for the farm truck using the recovery life from part b. Note there may be more years in the table below than you need. (8 points) MACRS Depreciation Table from IRS P946 (2020) Table A-14 150% Declining Balance Methods: Half Year Convention Recovery Period in Years Year 3 5 7 10 15 1 25.00 15.00 10.71 7.50 5.00 2 37.5 25.5 19.13 13.88 9.5 3 25 17.85 15.03 11.79 8.55 4 12.5 16.66 12.25 10.02 7.7 5 16.66 12.25 8.74 6.93 6 8.33 12.25 8.74 6.23 7 12.25 8.74 5.9 8 6.13 8.74 5.9 9 8.74 5.91 10 8.74 5.9 11 4.37 5.91 12 5.9 13 5.91 14 5.9 15 5.91 16 2.95 ON Year Remaining value at beginning of year Depreciation Remaining value at end of year 2021 (Year 1) 2022 (Year 2) 2023 (Year 3) 2024 (Year 4) 2025 (Year 5) 2026 (Year 6) 2027 (Year 7) AREA TO SHOW YOUR WORK-MUST SHOW WORK FOR CREDIT
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