Question
Convers Corporation (calendar year-end) acquired the following assets during the current tax year: (ignore 179 expense and bonus depreciation for this problem): (Use MACRS Table
Convers Corporation (calendar year-end) acquired the following assets during the current tax year: (ignore 179 expense and bonus depreciation for this problem): (Use MACRS Table 1, Table 2 and Table 5.)
Asset Date Placed in Service Original Basis
Machinery October 25 $ 76,000
Computer equipment February 3 16,000
Delivery truck* March 17 29,000
Furniture April 22 156,000
Total $ 277,000
*The delivery truck is not a luxury automobile. In addition to these assets, Convers installed qualified real property(MACRS, 15 year, 150% DB) on May 12 at a cost of $360,000.
What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect out of bonus depreciation (but does not take 179 expense)?
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