Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hamlet acquires a 7-year class asset on November 23, 2021, for $155,400 (the only asset acquired during the year). Hamlet does not elect immediate expensing

image text in transcribed
image text in transcribed
Hamlet acquires a 7-year class asset on November 23, 2021, for $155,400 (the only asset acquired during the year). Hamlet does not elect immediate expensing under 179. He does not claim any available additional first year depreciation. This is Hamlet's only tangible personal property acquisition for the year. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. Calculate Hamlet's cost recovery deduction for 2021 and 2022. 2021: S 2022: S 8.3 MACRS Accelerated Depreciation for Personal Property Assuming Half-Year Convention (Percentage Rates) For Property Placed in Service after December 31, 1986 5-Year 7-Year 20-Year Recovery Year 3-Year (200% DB) (200% DB) (200 % DB) 10-Year (200 % DB) 15-Year (150% DB) (150% DB) 1 33.33 20.00 14.29 10.00 5.00 3.750 2 44.45 32.00 24.49 18.00 9.50 7.219 3 14.81* 19.20 17.49 14.40 8.55 6.677 7.41 11.52" 12.49 11.52 7.70 6.177 5 11.52 9.22 6.93 5.713 6 5.76 7.37 6.23 5.285 7 6.55* 5.90* 4.888 8 6.55 5.90 4.522 9 6.56 5.91 4.462* 6.55 5.90 4.461 3.28 5.91 4.462 5.90 4.461 5.91 4.462 5.90 4.461 PAI LARA 10 11 12 13 14 8.93* 8.92 8.93 4.46

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Public Finance

Authors: Harvey Rosen, Ted Gayer

10th edition

9781259716874, 78021685, 1259716872, 978-0078021688

More Books

Students also viewed these Finance questions