Way Corporation disposed of the following tangible personal property assets in the current year. Assume that the
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Way Corporation disposed of the following tangible personal property assets in the current year. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation’s 2018 depreciation deduction(ignore §179 expense and bonus depreciation for this problem).
Asset | Date acquired | Date sold | Convention | Original Basis |
Furniture (7 year) | 5/12/14 | 7/15/18 | HY | $55,000 |
Machinery (7 year) | 3/23/15 | 3/15/18 | MQ | $72,000 |
Delivery truck (5 year) | 9/17/16 | 3/13/18 | HY | $20,000 |
Machinery (7 year) | 10/11/17 | 8/11/18 | MQ | $270,000 |
Computer (5 year) | 10/11/18 | 12/15/18 | HY | $80,000 |
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Related Book For 
Taxation Of Individuals And Business Entities 2019 Edition
ISBN: 9781259918391
10th Edition
Authors: Brian C. Spilker, Benjamin C. Ayers, John Robinson, Edmund Outslay, Ronald G. Worsham, John A. Barrick, Connie Weaver
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