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Convers Corporation (calendar-year-end) acquired and placed in service the following assets during the current tax year: 1. Machinery: original basis = $84,000; placed in service
Convers Corporation (calendar-year-end) acquired and placed in service the following assets during the current tax year: 1. Machinery: original basis = $84,000; placed in service on October 25 2. Computer equipment: original basis = $24,000; placed in service on February 3 3. Used delivery truck*: original basis = $37,000; placed in service on March 17 4. Furniture: original basis = $164,000; placed in service on April 22 *The delivery truck is not a luxury automobile. In addition to these assets, Convers installed new flooring (which is qualified improvement property) to its office building on May 12 of this year at a cost of $440,000. What is the allowable MACRS depreciation on Convers's property in the current year (2020) assuming Convers does not elect out of bonus depreciation and does not take $179 expense? Apply the tax law as amended by the CARES Act, including the change to bonus depreciation for qualified improvement property discussed in the lecture video. Numeric Response
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