T purchased the following to be used in his business: Copier $150,000 January 21, 2020 Office...

 

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T purchased the following to be used in his business: Copier $150,000 January 21, 2020 Office Furniture $1,305,000 March 1, 2020 Office Building $100,000 October 10, 2020 a) Show how the percentages are calculated in the appropriate table for the appropriate property class for: 1. Copier for first recovery year 2. Office Building for the first year b) Calculate the first two years of depreciation expense [Don't forget 179 expense, assume T wants to use §179 expense on the applicable (property eligible to be expensed) property with the longest class life] c) Assume T sold the copier on December 29, 2023. Calculate the depreciation for 2023 for the copier only. T purchased the following to be used in his business: Copier $150,000 January 21, 2020 Office Furniture $1,305,000 March 1, 2020 Office Building $100,000 October 10, 2020 a) Show how the percentages are calculated in the appropriate table for the appropriate property class for: 1. Copier for first recovery year 2. Office Building for the first year b) Calculate the first two years of depreciation expense [Don't forget 179 expense, assume T wants to use §179 expense on the applicable (property eligible to be expensed) property with the longest class life] c) Assume T sold the copier on December 29, 2023. Calculate the depreciation for 2023 for the copier only.

Answer rating: 100% (QA)

a To calculate the percentages for depreciation well use the Modified Accelerated Cost Recovery Syst... View the full answer