During 2016, Palo Fiero purchases the following property for use in his calendar year-end manufacturing business: Palo
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During 2016, Palo Fiero purchases the following property for use in his calendar year-end manufacturing business:
Palo uses the accelerated depreciation method under MACRS, if available, and does not make the election to expense or take bonus depreciation.
Transcribed Image Text:
Item Date Acquired Cost $ 37,000 4,500 3,800 Manufacturing equipment (7 year) Office furniture Office computer Passenger automobile (used June 2 September 15 November 18 90 percent for business) May 31 April 23 37,500 Warehouse Building Land 170,000 135,000
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See Form 4562 below Convention test 4th quarter 3800 total personal property 82800 5 thus halfyear convention Assets Recovery Period Machinery 7year Office Furniture 7year Office Computer 5year Auto d...View the full answer
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Related Book For
Income Tax Fundamentals 2017
ISBN: 9781305872738
35th Edition
Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller
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