Please Help,

10-33 and 10-34

on January 31, 2018? What is Sec. 179 Expensing and Mid-Quarter Convention. In 2016, Wabash Corporation pur. chases two assets and places them into service (both are used property and have a 7yeapp MACRS recovery period): - Asset \#1: \$1,300,000 cost; placed in service in February. - Asset \#2: \$600,000 cost; placed in service in November. Wabash elects $500,000 under Sec. 179. Compute Wabash's total depreciation deduction for 2016 under each of the following assumptions: a. Wabash elects the $500,000 for Asset \#1. b. Wabash elects the $500,000 for Asset \#2. Straight-Line Depreciation. Long Corporation has been unprofitable for several years and has substantial NOL carryovers. Therefore, the company has elected to use straight. line MACRS for property acquisitions. Long acquires, holds, or sells the following assets in 2016: b. What amount of gain or deduction for each asset in 2016? Mixed Personal/Business taxpayer, acquires and Use. In 2016, Trish. a colf on January 31, 2018? What is Sec. 179 Expensing and Mid-Quarter Convention. In 2016, Wabash Corporation pur. chases two assets and places them into service (both are used property and have a 7yeapp MACRS recovery period): - Asset \#1: \$1,300,000 cost; placed in service in February. - Asset \#2: \$600,000 cost; placed in service in November. Wabash elects $500,000 under Sec. 179. Compute Wabash's total depreciation deduction for 2016 under each of the following assumptions: a. Wabash elects the $500,000 for Asset \#1. b. Wabash elects the $500,000 for Asset \#2. Straight-Line Depreciation. Long Corporation has been unprofitable for several years and has substantial NOL carryovers. Therefore, the company has elected to use straight. line MACRS for property acquisitions. Long acquires, holds, or sells the following assets in 2016: b. What amount of gain or deduction for each asset in 2016? Mixed Personal/Business taxpayer, acquires and Use. In 2016, Trish. a colf