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QUESTION 5 On May 11 of the current year, your calendar year firm purchases a used machine (7-year property) for $10,000; the machine has an
QUESTION 5
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On May 11 of the current year, your calendar year firm purchases a used machine (7-year property) for $10,000; the machine has an estimated salvage value of $1,000. If the machine is the only fixed asset purchased in the current year, and no Section 179 deduction or bonus depreciation is taken, what is your firms maximum tax deduction for depreciation this year?
$9,000
$1,286
$1,429
$10,000
3 points
QUESTION 6
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Generally, under MACRS, the recovery period for office furniture (e.g., desks) is:
3 years
7 years
4 years
5 years
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