During 2019, Pepe Guardio purchases the following property for use in his calendar year-end manufacturing business: Item
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During 2019, Pepe Guardio purchases the following property for use in his calendar year-end manufacturing business:
Item Date Acquired Cost Manufacturing equipment (7 year) June 2 $ 40,000 Office furniture September 15 6,000 Office computer November 18 2,000 Passenger automobile (used 90 percent for business) May 31 54,000 Warehouse June 23 Building 165,000 Land 135,000 Pepe uses the accelerated depreciation method under MACRS, if available, and does not make the election to expense or take bonus depreciation. Use Form 4562 on Pages 8-43 and 8-44 to report Pepe’s depreciation expense for 2019.
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Related Book For
Income Tax Fundamentals Whittenburg Gill 2020
ISBN: 9780357107065
1st Edition
Authors: Whittenburg/Altus Buller/Gill
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