Lance Corp places the following assets in service in 2023.

• March 10: A commercial-grade photo printer (office equipment) with a cost of 48,400
• October 16: A metal stamping machine (manufacturing equipment) with a cost of $32,900

Questions

1. Determine the appropriate convention for each asset. Ignore bonus depreciation and 179 expense. Show your work to justify your answer (including any appropriate percentages):

1. These are the only two assets currently in service at Lance Corp. Ignoring bonus depreciation and 179 expense, what will be the deduction for depreciation expense on Lance Corp's tax return for 2024?

1. On June 18, 2025, Lance Corp sold the photocopier. What is the correct adjusted basis that Lance Corp will use to calculate the gain/(loss) on the disposal of the photocopier? (Do not calculate the gain/loss, but show your work calculating the adjusted basis)