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In April 2021, Lenape Corporation completed security, fire, and heating system improvements to existing nonresidential real property with a total cost of $1,285,000. Assuming these
In April 2021, Lenape Corporation completed security, fire, and heating system improvements to existing nonresidential real property with a total cost of $1,285,000. Assuming these improvements are 39-year recovery property and qualify for the Section 179 deduction. Use Table 7-4. (Round your intermediate calculations to the nearest whole dollar amount. Enter the MACRS percentage in decimals. (.e.12.34 should be entered as 0.1234).) Required: Calculate Lenape's total cost recovery on the improvements for 2021. Total cost of qualifying improvements Section 179 election/2021 dollar amount Tax basis recoverable through MACRS First-year MACRS percentage First-year MACRS depreciation Total cost recovery
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