Dean and Ellen Price are married and have a manufacturing business. They bought a piece of business equipment (7-year personal property) on 4/1/2018 for $50,000. Use half-year convention to calculate the MACRS depreciation deduction on the equipment for 2018 and 2019 They also has a pick-up truck used for business (5-year recovery period) acquired on 8/23/2018 for $25,000. On 11/15/2019, he sold the pick-up truck for $24,000. Use the half-year convention to calculate the MACRS depreciation on the truck for 2018 and 2019. On 10/26/2019 Dean sold his old storage building used for his business for $220,000. They purchased the building in 2001 for $100,000. Total depreciation (accumulated depreciation) taken on the building is $20,000. His 2019 Business income and expenditures (Schedule -C): Sales $ 657,500 Cost of goods sold $ 315,000 Other business expenses (incl. deprecation taken on the storage building) $ 140,000 In 2019 Dean also sold various assets. The information about the selling price and depreciation of the property is listed below

In 2019 Dean Sold his wine collection for $9,000, which is bought two years ago for $8,000.

- They also has a short-term capital loss carryover of $10,000 form 2009.

\begin{tabular}{|l|c|c|c|c|c|c|} \hline & Placed in Service / Purchased on & Sold on & Initial Cost & 2019 Depr. Amount & Accumulated Depreciation. (Depr. Allowed) & Tax Basis= Initial Cost - Depr. Allowed \\ \hline Office tables & 4/4/2018 & 10/16/2019 For $2,900 & $3,000 & $375 & $825 & \\ \hline Office chairs & 3/1/2015 & 11/8/2019 For $4,000 & $8,000 & $1,000 & $2,200 & \\ \hline Marketable securities & 2/1/2019 & 12/1/2019 For $20,000 & $12,000 & $0 & $0 & \\ \hline Land held for investment & 7/1/2018 & 11/29/2019 For $48,000 & $45,000 & $0 & $0 & \\ \hline \end{tabular} Step 3). Descriptions of Section 1245 property: 3 (a) Net the gains/loss in A,B,C,D 3 (b) Total Amount reported on (6) above: 3(c)=3(a)3(b) (Remaining Section 1231 Gain)