Question: a) IRS added a Class 6 Category to its MACRS depreciation schedule, with a (*) at year 5. If a $10,000 Class 6 asset has

a) IRS added a Class 6 Category to its MACRS depreciation schedule, with a (*) at year 5. If a $10,000 Class 6 asset has a Book Value of $2,469 at the start of Year 5, determine the value of the depreciation amounts at years 5, 6 and 7.

b) You bought in February 2010 a house at $330,000. You sold it in June 2014 at $250,000. Determine the total MACRS depreciation amount during the entire period of your ownership.

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Solution A The book value of Asset at the start of 5th year is 2469 The valu... View full answer

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