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HeyulCUTULIULIUI Problem 10-59 (LO 10-2, LO 10-3) [The following information applies to the questions displayed below.) Dain's Diamond Bit Drilling purchased the following assets this
HeyulCUTULIULIUI Problem 10-59 (LO 10-2, LO 10-3) [The following information applies to the questions displayed below.) Dain's Diamond Bit Drilling purchased the following assets this year. Asset Drill bits (5-year) Drill bits (5-year) Commercial building Purchase Date Mar-13 Sep-05 May-19 Original Basis $ 131,000 146,500 223,000 Assume its taxable income for the year was $68,250 for purposes of computing the $179 expense (assume no bonus depreciation) (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Leave no answer blank. Enter zero if applicable.) Problem 10-59 Part-b b. What is Dain's maximum depreciation deduction for the year (including $179 expense)? (Round your intermediate calculations to the nearest whole dollar amount.) Depreciation expense (including $179 expense)
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