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On June 30, 2020, Little Company purchased a $2,500 computer for use in the main office. This asset that is depreciated over 5 years for
On June 30, 2020, Little Company purchased a $2,500 computer for use in the main office. This asset that is depreciated over 5 years for federal tax purposes. Assuming that no bonus or Section 179 expensing was applied would this assets adjusted basis be at the end of 2022? Table 1 MACRS Half-Year Convention Depreciation Rate for Recovery Period 3-Year 33.33% Year 1 5-Year 20.00% 7-Year 14.29% 10-Year 10.00% 15-Year 5.00% 20-Year 3.750%
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