Question
Burbank Corporation (calendar-year-end) acquired the following property this year: (Use MACRS Table 1, Table 2 and Exhibit 10-10.) Asset Placed in Service Basis Used copier
Burbank Corporation (calendar-year-end) acquired the following property this year: (Use MACRS Table 1, Table 2 and Exhibit 10-10.) Asset Placed in Service Basis Used copier November 12 $ 12,600 New computer equipment June 6 18,800 Furniture July 15 36,800 New delivery truck October 28 23,800 Luxury auto January 31 74,800 Total $ 166,800 Burbank acquired the copier in a tax-deferred transaction when the shareholder contributed the copier to the business in exchange for stock. (Round your answer to the nearest whole dollar amount.) Problem 10-69 Part b (Algo)
b. Assuming Burbank would like to maximize its cost recovery deductions by claiming bonus and 179 expense, which assets should Burbank immediately expense? (You may select more than one answer. Single click the box with the question mark
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