Question
Burbank Corporation (calendar-year-end) acquired the following property this year: (Round your answer to the nearest whole dollar amount.) Asset Placed in Service Basis Used copier
Burbank Corporation (calendar-year-end) acquired the following property this year: (Round your answer to the nearest whole dollar amount.)
Asset Placed in Service Basis
Used copier November 12 $7,800
New computer equipment June 6 $14,000
Furniture July 15 $32,000
New delivery truck October 28 $19,000
Luxury auto January 31 $70,000
Total$142,800
Burbank acquired the copier in a tax-deferredtransaction when the shareholder contributed the copier to the business in exchange for stock.
c.What is Burbank's maximum cost recovery deduction this year assuming it elects 179 expense and claims bonus depreciation?
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