P8

Answer fast

Ignoring the potential for Section 179 expense deduction and bonus depreciation, compute the 2022 MACRS deduction table for the following situations. All assets were purchased in the current year and are used 100% in the individual taxpayer's business. Date Asset Cost Class Life Depr. Rate for 2022 Depreciation Deduction for 2022 22 Backhoe {Machinery} 60,000 SKIS Computer 24,000 6F23 Apartment Building 600,000 Assume that the apartment building above is sold by the individual taxpayer on December 2, 2024 for $620,000. What is the 2023 depreciation on the apartment building? What is the 2024 depreciation on the apartment building? What is the adjusted basis at the time of the sale in 2024? What is the gain on the sale in 2024