James purchased office equipment for his business. The equipment has a depreciable basis of $14,000 and was
Question:
James purchased office equipment for his business. The equipment has a depreciable basis of $14,000 and was put in service on June 1, 2016. James decides to elect straight-line depreciation under MACRS for the asset over the minimum number of years (7 years), and does not use bonus depreciation or make the election to expense. What is the amount of his depreciation deduction for the equipment for the 2016 tax year?
a. $2,000
b. $1,000
c. $500
d. $0
e. None of the above
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Since the equipment is being depreciated under the Modified Accelerated Cost Recovery System MACRS u...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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