Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Help please!! c. Assume you can use 150% declining balance under MACRS with the half year convention to depreciate the farm truck (table A-14). Please
Help please!!
c. Assume you can use 150% declining balance under MACRS with the half year convention to depreciate the farm truck (table A-14). Please calculate the MACRS tax depreciation schedule for the farm truck using the recovery life from part b. Note there may be more years in the table below than you need. (8 points) MACRS Depreciation Table from IRS P946 (2020) Table A-14 150% Declining Balance Methods: Half Year Convention Recovery Period in Years Year 3 5 7 10 15 1 25.00 15.00 10.71 7.50 5.00 2 37.5 25.5 19.13 13.88 9.5 3 25 17.85 15.03 11.79 8.55 4 12.5 16.66 12.25 10.02 7.7 5 16.66 12.25 8.74 6.93 6 8.33 12.25 8.74 6.23 7 12.25 8.74 5.9 8 6.13 8.74 5.9 9 8.74 5.91 10 8.74 5.9 11 4.37 5.91 12 5.9 13 5.91 14 5.9 15 5.91 16 2.95 ON Year Remaining value at beginning of year Depreciation Remaining value at end of year 2021 (Year 1) 2022 (Year 2) 2023 (Year 3) 2024 (Year 4) 2025 (Year 5) 2026 (Year 6) 2027 (Year 7) AREA TO SHOW YOUR WORK-MUST SHOW WORK FOR CREDIT: c. Assume you can use 150% declining balance under MACRS with the half year convention to depreciate the farm truck (table A-14). Please calculate the MACRS tax depreciation schedule for the farm truck using the recovery life from part b. Note there may be more years in the table below than you need. (8 points) MACRS Depreciation Table from IRS P946 (2020) Table A-14 150% Declining Balance Methods: Half Year Convention Recovery Period in Years Year 3 5 7 10 15 1 25.00 15.00 10.71 7.50 5.00 2 37.5 25.5 19.13 13.88 9.5 3 25 17.85 15.03 11.79 8.55 4 12.5 16.66 12.25 10.02 7.7 5 16.66 12.25 8.74 6.93 6 8.33 12.25 8.74 6.23 7 12.25 8.74 5.9 8 6.13 8.74 5.9 9 8.74 5.91 10 8.74 5.9 11 4.37 5.91 12 5.9 13 5.91 14 5.9 15 5.91 16 2.95 ON Year Remaining value at beginning of year Depreciation Remaining value at end of year 2021 (Year 1) 2022 (Year 2) 2023 (Year 3) 2024 (Year 4) 2025 (Year 5) 2026 (Year 6) 2027 (Year 7) AREA TO SHOW YOUR WORK-MUST SHOW WORK FOR CREDIT Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started