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Required information: Problem 02-54 (LO 02-2, LO 02-3) (Algo) Convers Corporation (calendar year-end) acquired the following assets during the current tax year: (ignore $179
Required information: Problem 02-54 (LO 02-2, LO 02-3) (Algo) 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 Original Service October 25 February 31 March 17 April 22 *The delivery truck is not a luxury automobile. Basis $ 114,000 54,000 67,000 194,000 $ 429,000 In addition to these assets, Convers installed qualified real property (MACRS, 15 year, 150% DB) on May 12 at a cost of $740,000. Problem 02-54 Part a (Algo) 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? Note: Round your intermediate calculations to the nearest whole dollar amount. MACRS depreciation
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