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An individual taxpayer purchases the following assets during 2021, and the assets are used 100% in the taxpayer's sole proprietorship 5-year asset on August
An individual taxpayer purchases the following assets during 2021, and the assets are used 100% in the taxpayer's sole proprietorship 5-year asset on August 233, 2021, for $82,000 7-year asset on September 29, 2021, for $94,000 Residential apartment building on December 15, 2021, for $510,000 There are no income limitations What is total 2021 depreciation if only MACRS (no 179, no bonus) is used? b. What is total 2022 depreciation if only MACRS (no 179, no bonus) is used, assuming the 5-year asset is sold on October 21, 2022, for $29,000? The other two assets were not sold in 2022. c. What is 2021 and 2022 depreciation if the maximum depreciation is chosen? (no sales)
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