Question
7.Georgia purchased an asset for her business on March 20, 2018 and placed it into service on April 7, 2019.The asset cost $2,650,000 and was
7.Georgia purchased an asset for her business on March 20, 2018 and placed it into service on April 7, 2019.The asset cost $2,650,000 and was the only asset placed in service during 2019.
a.What is Georgia's maximum cost recovery for 2019 if the asset is computer equipment (5-year recovery class) and she did not elect to use 179 or bonus depreciation?
b.What is Georgia's maximum cost recovery for 2019 if the asset is a back-op electrical generator (15-year recovery class) and she did not elect to use bonus depreciation?
c.What is Georgia's maximum cost recovery for 2019 if the asset is a barge (10-year recovery class)?
d.What is Georgia's maximum cost recovery for 2019 if the asset is a warehouse and $1,150,000 of the cost is allocated to the land?
e.What is Georgia's maximum cost recovery for 2019 if the asset is an apartment building and $1,150,000 of the cost is allocated to the land?
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