Question
Asset Placed in Service Basis Used copier November 12 $ 8,200 New computer equipment June 6 14,400 Furniture July 15 32,400 New delivery truck October
| Asset | Placed in Service | Basis | |
| Used copier | November 12 | $ | 8,200 |
| New computer equipment | June 6 | 14,400 | |
| Furniture | July 15 | 32,400 | |
| New delivery truck | October 28 | 19,400 | |
| Luxury auto | January 31 | 70,400 | |
| Total | $ | 144,800 | |
|
| |||
Burbank acquired the copier in a nontaxable transaction when the shareholder contributed the copier to the business in exchange for stock.
a. Assuming no bonus or 179 expense, what is Burbanks maximum cost recovery deduction for this year?
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Internal Audit In Higher Education
Authors: Alison Holmes, Sally Brown
1st Edition
0749433000, 978-0749433000
