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Required information Problem 2-54 (LO 2-2, LO 2-3) (Algo) Convers Corporation (calendar year-end) acquired the following assets during the current tax year: (ignore 179
Required information Problem 2-54 (LO 2-2, LO 2-3) (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 Service October 25 February 3 March 17 April 22 Original Basis $ 96,000 36,000 49,000 176,000 $ 357,000 *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 $560,000. Problem 2-54 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 and final answer to the nearest whole dollar amount. MACRS depreciation b. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect out of bonus depreciation (but does not take 179 expense)? MACRS depreciation
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