Small Corporation purchased and placed in service the following 100% business-use assets (all of the assets were

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Small Corporation purchased and placed in service the following 100% business-use assets (all of the assets were purchased new). Assume that Small purchased these assets in 2017, when 50% bonus depreciation was available. Small claimed bonus depreciation but no Sec. 179 election on all eligible property in 2017. 

• Truck (light-duty, modified non-personal use) costing $20,000: Placed in service on February 15, 2017 with a 5-year MACRS recovery period.

• Machinery costing $50,000: Placed in service on May 1, 2017 with a 7-year MACRS recovery period.

• Land costing $60,000: Placed in service on July 1, 2017.

• Building costing $100,000: Placed in service on December 1, 2017 with a 39-year MACRS recovery period.

• Equipment costing $40,000: Acquired on December 24, 2017 and placed in service on January 5, 2018 with a 5-year MACRS recovery period.

What are Small's total depreciation deductions in 2017, 2018, and 2019?

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Federal Taxation 2020 Comprehensive

ISBN: 9780135196274

33rd Edition

Authors: Timothy J. Rupert, Kenneth E. Anderson, David S. Hulse

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