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.

Placed in Service / 2019 Depr. Accumulated Sold on Initial Cost Amount Depreciation. Tax Basis= Initial Purchased on (Depr. Allowed) Cost - Depr. Allowed Office tables 10/16/2019 4/4/2018 For $2,900 $3,000 $375 $825 Office chairs 11/8/2019 3/1/2015 For $4,000 $8,000 $1,000 $2,200 Marketable 12/1/2019 securities 2/1/2019 For $20,000 $12,000 SO Land held for 11/29/2019 investment 7/1/2018 For $48,000 $45,000 SO SO