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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):
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 Table 1. Table 2 and Table 5.) Asset Machinery Computer equipment Delivery truck* Furniture Total Date Placed in Service October 25 February 3 March 17 April 22 *The delivery truck is not a luxury automobile. Original Basis $ 70,000 10,000 23,000 150,000 $ 253,000 In addition to these assets, Convers Installed qualified real property (MACRS, 15 year, 150% DB) on May 12 at a cost of $300,000. a. 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? s MACRS depreciation
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