Question
Convers Corporation (calendar-year-end) acquired the following assets during the current tax year: Assume CARES Act applies. (ignore 179 expense and bonus depreciation for this problem):
Convers Corporation (calendar-year-end) acquired the following assets during the current tax year: Assume CARES Act applies. (ignore 179 expense and bonus depreciation for this problem): (Use MACRS Table 1, Table 2 and Table 5.) Date Placed Original Asset in Service Basis Machinery October 25 $ 108,000 Computer equipment February 3 48,000 Delivery truck* March 17 61,000 Furniture April 22 188,000 Total $ 405,000 *The delivery truck is not a luxury automobile. In addition to these assets, Convers installed new flooring (qualified improvement property) to its office building on May 12 at a cost of $680,000. rev: 10_12_2020_QC_CS-231569 a. What is the allowable MACRS depreciation on Converss property in the current year assuming Convers does not elect 179 expense and elects out of bonus depreciation?
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