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I already posted this question but i have the answer i just do not know how to do it. please help! 2. Kashew Corp. purchased
I already posted this question but i have the answer i just do not know how to do it. please help!
2. Kashew Corp. purchased a piece of 5 -year property on 5/7/2017 for $650,000. The company has depreciated the property under the MACRS system using the mid-quarte convention. In addition, Kashew claimed $500,000 of $179 on the asset and a 50% bonus depreciation deduction on the asset. On 2/8/2020, Kashew Corp. sells property to Zorro Co. for $275,000. Patterson's MTR is 21%. Realized \& Recognized Gain 255,815.94 ATCF=221,278.65 2. Kashew Corp. purchased a piece of 5 -year property on 5/7/2017 for $650,000. The company has depreciated the property under the MACRS system using the mid-quarte convention. In addition, Kashew claimed $500,000 of $179 on the asset and a 50% bonus depreciation deduction on the asset. On 2/8/2020, Kashew Corp. sells property to Zorro Co. for $275,000. Patterson's MTR is 21%. Realized \& Recognized Gain 255,815.94 ATCF=221,278.65Step by Step Solution
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