Nick provided the following complete information on his business asset purchases over a three year period:...

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Nick provided the following complete information on his business asset purchases over a three year period: 2019 ⚫ On September 20th, purchased a used computer system (5 year life) for $6,000, estimated salvage value was $2,000. • Did not take 179 expense or bonus depreciation. 2020 • No purchases 2021 • On February 1st, purchased new manufacturing equipment (7 year life) for his business costing $1,290,000, estimated salvage value was $500,000. • On April 12th, purchased a four-unit apartment building for $900,000 which included a land value of $250,000. Nick's 2021 taxable income from his business, before any cost recovery deductions, was $350,000. He elected to maximize all cost recovery deductions, except bonus depreciation which he opted out of, in 2020. What are the deductible MACRS and 179 amounts for 2021? In the text box that follows, please bold your answers at the top and any supporting work afterwards so that I can award partial credit. Nick provided the following complete information on his business asset purchases over a three year period: 2019 ⚫ On September 20th, purchased a used computer system (5 year life) for $6,000, estimated salvage value was $2,000. • Did not take 179 expense or bonus depreciation. 2020 • No purchases 2021 • On February 1st, purchased new manufacturing equipment (7 year life) for his business costing $1,290,000, estimated salvage value was $500,000. • On April 12th, purchased a four-unit apartment building for $900,000 which included a land value of $250,000. Nick's 2021 taxable income from his business, before any cost recovery deductions, was $350,000. He elected to maximize all cost recovery deductions, except bonus depreciation which he opted out of, in 2020. What are the deductible MACRS and 179 amounts for 2021? In the text box that follows, please bold your answers at the top and any supporting work afterwards so that I can award partial credit. Nick provided the following complete information on his business asset purchases over a three year period: 2019 ⚫ On September 20th, purchased a used computer system (5 year life) for $6,000, estimated salvage value was $2,000. • Did not take 179 expense or bonus depreciation. 2020 • No purchases 2021 • On February 1st, purchased new manufacturing equipment (7 year life) for his business costing $1,290,000, estimated salvage value was $500,000. • On April 12th, purchased a four-unit apartment building for $900,000 which included a land value of $250,000. Nick's 2021 taxable income from his business, before any cost recovery deductions, was $350,000. He elected to maximize all cost recovery deductions, except bonus depreciation which he opted out of, in 2020. What are the deductible MACRS and 179 amounts for 2021? In the text box that follows, please bold your answers at the top and any supporting work afterwards so that I can award partial credit. Nick provided the following complete information on his business asset purchases over a three year period: 2019 ⚫ On September 20th, purchased a used computer system (5 year life) for $6,000, estimated salvage value was $2,000. • Did not take 179 expense or bonus depreciation. 2020 • No purchases 2021 • On February 1st, purchased new manufacturing equipment (7 year life) for his business costing $1,290,000, estimated salvage value was $500,000. • On April 12th, purchased a four-unit apartment building for $900,000 which included a land value of $250,000. Nick's 2021 taxable income from his business, before any cost recovery deductions, was $350,000. He elected to maximize all cost recovery deductions, except bonus depreciation which he opted out of, in 2020. What are the deductible MACRS and 179 amounts for 2021? In the text box that follows, please bold your answers at the top and any supporting work afterwards so that I can award partial credit.

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Deductible MACRS and 179 amounts for 2021 To determine the deductible MACRS Modified Accelerated Cost Recovery System and 179 amounts for 2021 we need ... View the full answer