A taxpayer placed two assets in service in 2017. One was 7-year property placed in service in
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Question:
A taxpayer placed two assets in service in 2017.
One was 7-year property placed in service in April 2017. This equipment cost $2,800,000.
One was 5-year property placed in service in October 2017. This equipment cost $2,500,000.
This are the only assets purchased in 2017.
How much depreciation will be taken on the 7-year property in 2017?
How much depreciation will be taken on the 7-year property in 2018?
How much depreciation will be taken on the 5-year property in 2017?
How much depreciation will be taken on the 5-year property in 2018?
DO NOT CONSIDER 179 or BONUS DEPRECIATION
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