Question
I need to compute the depreciation and amortization on form 4562 using this information: The Holloway and Forrow Enterprises, Inc. owns the following depreciable assets:
I need to compute the depreciation and amortization on form 4562 using this information:
The Holloway and Forrow Enterprises, Inc. owns the following depreciable assets:
Automobile-2015 Lexus (Five yr. Property); Date Acquired-April 1, 2015; Original Cost-$50,000
Automobile-2015 Cadillac Seville (Five yr. Property); Date Acquired-April 1, 2015; Original Cost-$50,000
Furniture & Fixtures (Seven yr. Property); Date Acquired-May 1, 2014; Original Cost-$150,000
Each automobile was used a total of 18,000 miles during yr 2016 all were business related. Were not available for personal use during off-duty hours and were used by two employees who both have their own personl vehicle. For Federal Tax Purposes, all assets are depreciated using MACRS. Section 179 deduction was not elected in regards to any of these assets nor was Straight-Line Depreciation used.
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