Modified Accelerated Cost Recovery System (MACRS), Listed Property, Limitation on Depreciation of Luxury Automobiles (LO 8.2, 8.4, 8.5)

During 2020, Pepe Guardio purchases the following property for use in his calendar year-end manufacturing business:

Item	Date Acquired	Cost
Manufacturing equipment (7 year)	June 2	$50,000
Office furniture	September 15	8,000
Office computer	November 18	2,000
Passenger automobile (used 85 percent for business)	May 31	55,000
Warehouse	July 23
Building		170,000
Land		135,000

Pepe uses the accelerated depreciation method under MACRS and takes bonus depreciation.

Complete Form 4562, Depreciation and Amortization to determine the depreciation expense.

If required, round your answers to the nearest dollar. If an amount is zero, enter "0". Enter amounts as positive numbers.

Click here to access the depreciation tables and here to view Table 8.1: Recovery Periods for Assets Placed in Service After 1986 and Annual automobile depreciation limitations.

Which goes on line 14 Part II Form 4562? which is Special deprec iation allowance for qualified property. placed in service during tax year.

which goes on line 21 Part IV Form 4562 ? which is Listed Property . Enter amount from line 28.

Which goes on line 25 Part V Form 4562 ? which is Depreciation deduction column (h) Special depreciation allowance for qualified property placed in service during the tax year and used more than 50% in a qualified business use.

Which goes on line 26 Part V Form 4562 ? which is Column (e) basic depreciation ( business/ invest use only) Property used more than 50% in a qualified business use.

Thanks