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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
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.) Machinery Asset Computer equipment Delivery truck Furniture Total Date Placed in Service October 25 February 3 March 17 April 22 Original Basis $ 70,000 10,000 23,000 150,000 $253,000 *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 $300,000. a. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect 5179 expense and elects out of bonus depreciation?
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