TroutFarm, Inc. placed into service the following acquisitions in 2023 and 2024 as follows: 2/7/23 Equipment $3,200,000 5/16/23 Computer $100,000 11/1/23 Factory building $13,000,000 5/6/24 Equipment $290,000 12/12/24 Machinery $3,060,000 TroutFarm, Inc. has been very successful with business income as follows: 2023 Business Income $5,500,000 2024 Business Income $6,950,000 Required: Compute the 2023 and 2024 Tax Depreciation for TroutFarm, Inc. Hint: You will need to review the tax depreciation rules for 2024. (ie Section 179, Bonus). Hint: The assignment is to compute tax depreciation for both 2023 and 2024. Meaning that the total 2024 tax depreciation needs to be computed for both the 2023 acquisitions (year 2) and 2024 acquisitions. Hint: A factory building is not personal property

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TroutFarm Inc Tax Depreciation Calculation Tax Depreciation Rules Well consider two potential tax benefits for 2024 acquisitions Section 179 This allo... View the full answer