Question
Required information Problem 10-69 (LO 10-2, LO 10-3) (Algo) Skip to question [The following information applies to the questions displayed below.] Burbank Corporation (calendar-year-end) acquired
Required information
Problem 10-69 (LO 10-2, LO 10-3) (Algo)
Skip to question
[The following information applies to the questions displayed below.]
Burbank Corporation (calendar-year-end) acquired the following property this year: (Use MACRS Table 1, Table 2 and Exhibit 10-10.)
Asset | Placed in Service | Basis | |
Used copier | November 12 | $ | 12,800 |
New computer equipment | June 6 | 19,000 | |
Furniture | July 15 | 37,000 | |
New delivery truck | October 28 | 24,000 | |
Luxury auto | January 31 | 75,000 | |
Total | $ | 167,800 | |
|
Burbank acquired the copier in a tax-deferred transaction when the shareholder contributed the copier to the business in exchange for stock. (Round your answer to the nearest whole dollar amount.)
Problem 10-69 Part a (Algo)
a. Assuming no bonus or 179 expense, what is Burbanks maximum cost recovery deduction for this year?
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