I only need the 4562 form. Please complete the 2019 Form 4562 Depreciation and Amortization . You do not need to complete Parts I, II,
I only need the 4562 form.
Please complete the 2019 Form 4562 Depreciation and Amortization. You do not need to complete Parts I, II, V and VI of the form because you should assume you are not electing the Section 179 deduction, you have elected out of bonus depreciation, you have no listed property for the 2019 tax year, and no intangible assets to amortize.
Note that the depreciation amounts computed on Form 4562 flow to Form 1120 page 1. Do not worry about including any non-numerical information that is not provided with the assignment.
The company owns the following assets: Land purchased on 5/1/2014 for $200,000. The land was placed in service on 6/1/2014. Building purchased on 5/1/2014 for $655,000. The building was placed in service on 6/1/2014. Screen printing machinery (7yr) purchased and placed in service on 6/1/2014 for $280,000. Office furniture and fixtures (7yr) purchased and placed in service on 1/1/2015 for $55,000
Additional screen printing machinery (7yr) purchased and placed in service on 2/1/2019 for $235,000 Computer equipment (5yr) purchased and placed in service on 3/1/2019 for $35,000 Warehouse (39yr) purchased and placed in service on 9/1/2019 for $560,000 Back the Pack uses straight line depreciation for book purposes. See the book income statement in the Excel workbook for book depreciation expense for 2019.
In additional information for 2019 follows:
- On November 1, 2019, the Company paid $18,000 premium for a casualty insurance policy for the period 1/1/2020 through 12/31/2020.
- Specific account write-offs charged to the Allowance for Doubtful Accounts equaled $35,000
- Bonuses were paid on March 28, 2020
Part III MACRS Depreciation (Don't include listed property. See instructions.) Section A 17 MACRS deductions for assets placed in service in tax years beginning before 2019 17 18 If you are electing to group any assets placed in service during the tax year into one or more general asset accounts, check here Section B-Assets Placed in Service During 2019 Tax Year Using the General Depreciation System (b) Month and year (c) Basis for depreciation (a) Classification of property placed in (business/investment use (d) Recovery (e) Convention (1) Method (g) Depreciation deduction service only-see instructions period 19a 3-year property b 5-year property 7-year property d 10-year property e 15-year property f 20-year property g 25-year property SIL h Residential rental MM SIL property MM i Nonresidential real MM property MM SIL Section C-Assets Placed in Service During 2019 Tax Year Using the Alternative Depreciation System 20a Class life SIL b 12-year SIL c 30-year MM S/L d 40-year MM SIL Part IV Summary (See instructions.) 21 Listed property. Enter amount from line 28 21 22 Total. Add amounts from line 12, lines 14 through 17, lines 19 and 20 in column (g), and line 21. Enter here and on the appropriate lines of your return. Partnerships and S corporations-see instructions 22 23 For assets shown above and placed in service during the current year, enter the portion of the basis attributable to section 263A costs. 23 For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 12906N Form 4562 (2019) 25 yrs. 27.5 yrs. 27.5 yrs. 39 yrs. SIL SIL 12 yrs. 30 yrs. 40 yrs. Part III MACRS Depreciation (Don't include listed property. See instructions.) Section A 17 MACRS deductions for assets placed in service in tax years beginning before 2019 17 18 If you are electing to group any assets placed in service during the tax year into one or more general asset accounts, check here Section B-Assets Placed in Service During 2019 Tax Year Using the General Depreciation System (b) Month and year (c) Basis for depreciation (a) Classification of property placed in (business/investment use (d) Recovery (e) Convention (1) Method (g) Depreciation deduction service only-see instructions period 19a 3-year property b 5-year property 7-year property d 10-year property e 15-year property f 20-year property g 25-year property SIL h Residential rental MM SIL property MM i Nonresidential real MM property MM SIL Section C-Assets Placed in Service During 2019 Tax Year Using the Alternative Depreciation System 20a Class life SIL b 12-year SIL c 30-year MM S/L d 40-year MM SIL Part IV Summary (See instructions.) 21 Listed property. Enter amount from line 28 21 22 Total. Add amounts from line 12, lines 14 through 17, lines 19 and 20 in column (g), and line 21. Enter here and on the appropriate lines of your return. Partnerships and S corporations-see instructions 22 23 For assets shown above and placed in service during the current year, enter the portion of the basis attributable to section 263A costs. 23 For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 12906N Form 4562 (2019) 25 yrs. 27.5 yrs. 27.5 yrs. 39 yrs. SIL SIL 12 yrs. 30 yrs. 40 yrs
