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FOR THIS PROBLEM CAN YOU SHOW IT VERY NEATLY AND CLEARLY WRITTEN. PLEASE SHOW WORK IF POSSIBLE. Convers Corporation (calendar year-end) acquired the following assets
FOR THIS PROBLEM CAN YOU SHOW IT VERY NEATLY AND CLEARLY WRITTEN. PLEASE SHOW WORK IF POSSIBLE.
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.) Date Placed in Asset Service Machinery October 25 Computer equipment February 3 Delivery truck* March 17 Furniture April 22 Total *The delivery truck is not a luxury automobile. Original Basis $ 96,000 36,000 49,000 176,000 $ 357,000 In addition to these assets, Convers installed new flooring (qualified improvement property) to its office building on May 12 at a cost of $560,000. a. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect $179 expense and elects out of bonus depreciation? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) MACRS depreciation b. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect out of bonus depreciation (but does not take $179 expense)? MACRS depreciation
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