Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please show formulas/work for each column year 2019 taxation topic? A. For the properties listed below compute the depreciation taken during the useful life of
please show formulas/work for each column
year 2019
taxation topic?
A. For the properties listed below compute the depreciation taken during the useful life of the property for all depreciable years assuming the half year convention applies. Assume that all property is post-1986 property. B. Include columns for the applicable AMT depreciation along with the AMT adjustment. PROPERTY COST PLACED IN SERVICE Recovery Period Tractor unit 3 5 Race horse over 2 years old Computer Automobile General Purpose Truck Office Desk Office Safe Light Boat Petroleum Refining Instalation Residental Rental Building Nonresidental Rental Building 29,00015 Feb 54,000 12 May 4,000 25 Nov 87,80015 May 25,000 13 Oct 17,300 5 Jan 4,900 7 Sept 69,700|27 July 154,00015 June 10,790,000 26 April 13,000,000 20 Nov 5 17 17 10 10 127.5 39.5 Suggested Columns Asset Description Date Placed in Service Cost Basis Recovery Rate MACRS Recovery Amount MACRS Accumulated Depreciation Adjusted Basis AMT Rate AMT Recovery Amount AMT Accumulated Depreciation AMT Adjustment AMT Adjusted Basis A. For the properties listed below compute the depreciation taken during the useful life of the property for all depreciable years assuming the half year convention applies. Assume that all property is post-1986 property. B. Include columns for the applicable AMT depreciation along with the AMT adjustment. PROPERTY COST PLACED IN SERVICE Recovery Period Tractor unit 3 5 Race horse over 2 years old Computer Automobile General Purpose Truck Office Desk Office Safe Light Boat Petroleum Refining Instalation Residental Rental Building Nonresidental Rental Building 29,00015 Feb 54,000 12 May 4,000 25 Nov 87,80015 May 25,000 13 Oct 17,300 5 Jan 4,900 7 Sept 69,700|27 July 154,00015 June 10,790,000 26 April 13,000,000 20 Nov 5 17 17 10 10 127.5 39.5 Suggested Columns Asset Description Date Placed in Service Cost Basis Recovery Rate MACRS Recovery Amount MACRS Accumulated Depreciation Adjusted Basis AMT Rate AMT Recovery Amount AMT Accumulated Depreciation AMT Adjustment AMT Adjusted Basis Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started