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Required information Convers Corporation (calendar year-end) acquired the following assets during the current tax year: (Ignore $179 expense and bonus depreciation for this problem): (Use
Required information Convers Corporation (calendar year-end) acquired the following assets during the current tax year: (Ignore $179 expense and bonus depreciation for this problem): (Use MACRS Iable 1, Table 2 and Table 5.) Date Placed in Original Asset Service Basis Machinery October 25 $116,000 Computer equipment February 3 56,000 Delivery truck* March 17 69,000 Furniture April 22 196,000 Total $437,000 *The delivery truck is not a luxury automobile. In addition to these assets. Convers installed qualified real property (MACRS, 15 year, 150% DB) on May 12 at a cost of $760,000. o. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect $179 expense and elects out of bonus depreciation? Note: Round
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