5/'1 Artwork Phillip computes his cost recovery allowance using MACRS . HE would like to USE the $179 immediate ExPENSing . but he has elected to not claim any bonus depreciation . Phillip has never claimed 5179 or bonus depreciation before . The assets Phillip sold on March 20 are as follows : Date Acquired Asset Sales Price* Original Cost* Accumulated Depreciation as of Beginning of the Year 5 /'I'll Office building $ 940 , 000 $900, 000 $ 129, 8:25 5/'I'll Land 200,000 100, 000 7/1 '1 1 Furniture* 50.000 2.39,000 206. 790 B/13/13 Furniture 10.000 $24, 000 272. 782 4 / 12/'14 Office Equipment 100,000 120, 000 67. 524 5/13/'15 Computers 30. 000 50.000 10,000 Phillip has never sold any assets relating to his business before this transaction . The Dunphy's sold GO shares of Fizbo Corporation common stock on September 3 for $ 65 a share ( minus a $ 50 total commission ) . The Dunphy's purchased the stock on November 8 , 2016 , for $ 50 a share . They also sold a painting for $ 13,000 on March 1 . Claire purchased the painting for $ 20.050 on September 1 . 2010 , 25 an investment . The Dunphy's filed their 2016 federal , state , and local returns on April 13 , 2017 . They paid the following* additional 2016 taxes with their returns : federal income taxes of $ 630 , State income taxes of $ 250 , and city income taxes of $ 75 . The Dunphy's made timely estimated federal income tax payments of $ 17 ,000 each quarter during 2017 They also made estimated state income tax payments of $ 1 . 090 each quarter and estimated city income tax payments of $ 300 each quarter . The Dunphy's made all fourth - quarter payments on December 31 . 2017 . They would like to receive a refund for any overpayments Phillip and Claire have qualifying insurance for purposes of the Affordable Care ACT ( ACA )