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Posted on Sep 11, 2024

Required information [The following information applies to the questions displayed below.) At the beginning of the current year, Poplock began a calendar-year dog boarding business

Required information [The following information applies to the questions displayed below.) At the beginning of the current year, Poplock began a calendar-year dog boarding business called Griff's Palace. Poplock bought and placed in service the following assets during the year: Cost $ Asset Computer equipment Dog-rooming furniture Pickup truck Commercial building Land (one acre) Date Placed in Service 3/23 5/12 9/17 10/11 10/11 Basis 7,800 9,800 10,000 298,000 108,000 Assuming Poplock does not elect $179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) a. What is Poplock's year 1 depreciation deduction for each asset? Asset Depreciation Deduction 2,730 1,749 X S Computer equipment Dog grooming furniture Pickup truck Commercial building Land $ $ 1,500 1,504 0 Total 7,573 Incorrecting points deducted Table 1 MACRS Half-Year Convention 20-Year Depreciation Rate for Recovery Period 3-Year 5-Year 7-Year 10-Year 15-Year 33.33% 20.00% 14.29% 10.00% 5.00% 3.750% Year 1 44.45 32.00 24.49 18.00 9.50 7.219 Year 2 14.81 19.20 17.49 14.40 8.55 6.677 Year 3 Year 4 7.41 11.52 12.49 11.52 7.70 6.177 11.52 8.93 9.22 6.93 5.713 Year 5 5.76 8.92 7.37 6.23 5.285 Year 6 8.93 6.55 5.90 Year 7 4.888 4.46 6.55 5.90 Year 8 4.522 6.56 5.91 Year 9 4.462 Year 10 6.55 5.90 4.461 Year 11 3.28 5.91 4.462 Year 12 5.90 4.461 Year 13 5.91 4.462 Year 14 5.90 4.461 Year 15 5.91 4.462 Year 16 2.95 4.461 4.462 Year 17 Year 18 4.461 Year 19 4.462 Year 20 4.461 Year 21 2.231 TABLE 2a MACRS Mid-Quarter Convention: For proper placed in nice daring the first quarter Depreciation Rate for Recovery Period 6-Year 7-Year Year 1 35.00% 25.00 Year 2 26.00 21.43 Year 3 15.60 15.31 Year 4 11.01 10.93 Year 6 11.01 8.73 Year 6 1.38 8.74 Year 7 8.75 Years 109 TABLE 26 MACRS Mid-Quarter Convention: For property placed in service during the second quarter Depreciation Rate for Recovery Period 5-Year 7-Year Year 1 25.00% 17.85% Year 2 30.00 23.47 Year 3 18.00 16.76 Year 4 11:32 11.97 Year 11:32 8.87 Year 6 4.26 8.87 Year 7 8.87 Years 3.34 TABLE 2 MACRS Mid-Quarter Convention For propers placed once during the third quarter Depreciation Rate for Recovery Period S-Year 7-Year Year 1 15.00% 10.71 Year 2 34.00 25.51 Year 3 20.40 18.22 Year 4 12 24 13.02 Years 11.30 9.30 Year 6 7.06 8.85 Year 7 8.86 Years 5.53 TABLE 28 MACRS-id Quarter Convention: For propers placed in the fourth quan Depreciation Rate for Recovery Period -Year Year 1 5,00 3.57 Year 2 38.00 2755 Year 22.80 19.68 Year 4 13.68 14.08 Year 5 10.94 10.04 Year 6 9.58 8.73 Year 7 3.73 Years 7.64 TABLE 3 Residential Rental Property Mid-Month Convention Straight Line-27.5 Years Month 9 Month 8 1.364% Month 4 2.576% 3.636 3.637 3.636 1.061% 3.636 3.636 3.636 3.636 3.637 3.636 3.637 3.636 3.637 3.636 Month 1 Month 2 Month 3 Year 1 3.485% 3.182% 2.879% Year 29 3.636 3.636 3.636 Year 10 3.637 3.637 3.637 Year 11 3.636 3.636 3.636 Year 12 3.637 3.637 3.637 Year 13 3.636 3.636 3.636 Year 14 3.637 3.637 3.637 Year 15 3.636 3.636 3.636 Year 16 3.637 3.637 3.637 Year 17 3.636 3.636 3.636 Year 18 3.637 3.637 3.637 Year 19 3.636 3.636 3.636 Year 20 3.637 3.637 3.637 Year 21 3.636 3.636 3.636 Year 22 3.637 3.637 3.637 Year 23 3.636 3.636 3.636 Year 24 3.637 3.637 3.637 Year 25 3.636 3.636 3.636 Year 26 3.637 3.637 3.637 Year 27 3.636 3.636 3.636 Year 28 1.97 2.273 2.576 Year 29 3.637 3.636 3.637 3.636 Month Property Placed in Service Month 5 Month 6 Month 7 2.273 1.970% 1.667% 3.636 3.636 3.636 3.637 3.637 3.636 3.636 3.636 3.637 3.637 3.637 3.636 3.636 3.636 3.637 3.637 3.637 3.636 3.636 3.636 3.637 3.637 3.637 3.636 3.636 3.636 3.637 3.637 3.637 3.636 3.636 3.636 3.637 3.637 3.637 3.636 3.636 3.636 3.637 3.637 3.637 3.636 3.636 3.636 3.637 3.637 3.637 3.636 3.636 3.636 3.637 3.637 3.637 3.636 3.636 3.637 3.182 3.485 3.636 0.152 3.637 3.636 3.637 3.636 3.637 3.636 3.637 3.636 3.637 3.636 3.637 3.636 Month 10 Month 11 Month 12 0.758% 0.455% 0.1529 3.636 3.636 3.636 3.636 3.636 3.636 3.637 3.637 3.637 3.636 3.636 3.636 3.637 3.637 3.637 3.636 3.636 3.636 3.637 3.637 3.637 3.636 3.636 3.636 3.637 3.637 3.637 3.636 3.636 3.636 3.637 3.637 3.637 3.636 3.636 3.636 3.637 3.637 3.637 3.636 3.636 3.636 3.637 3.637 3.637 3.636 3.636 3.636 3.637 3.637 3.636 3.636 3.636 3.637 3.637 3.637 3.616 3.636 3.636 1.061 1.364 1.667 3.637 3.636 3.637 3.636 3.637 3.636 3.637 3.636 3.637 3.636 3.637 3.636 3.637 3.636 3.637 3.636 0.758 3.637 3.636 3.637 3.636 3.637 3.636 3.637 3.637 3.636 3.637 3.636 3.637 3.636 3.637 3.636 2.879 0.455 Month 10 0.661% TABLE4 Nonresidential Real Property Mid-Mouth Convention Straight Line 31.5 Years (for assets placed in service before May 13, 1993) Month Property Placed in Service Month 1 Month 2 Month 3 Meath 4 Month 5 Month 6 Month 7 Months Month 9 Yearl 3.0129 2.7789 2.5139 2249% 1.9849 1.72046 1:455% 1.1904 0926% Year 2.7 3.175 3.175 3.175 3.175 3.175 3.175 3.175 3.175 3175 Years 3.175 3.174 3175 3.174 3.175 3.174 3.175 3175 3.175 Year 9 3.174 3.173 3.174 3.175 3.174 3.175 3.174 3.175 3.174 Year 10 3.175 3.174 3.175 3.174 3.175 3.174 3.175 3.174 3 175 Year 11 3.174 3.175 3.174 3.175 3.174 3.175 3.174 3.175 3.174 Year 12 3.175 3.174 3.175 3.174 3.175 3.174 3.175 3.174 3.175 Year 13 3.174 3.175 3.114 3.175 3.174 3175 3.174 3.175 3.174 Year 14 3.175 3.174 3.175 3.174 3.175 3.174 3.175 3 174 3175 Year 15 3.174 3.175 3.174 3.175 3.174 3.175 3.174 3.175 3.174 Year 16 3.175 3174 3.175 3.174 3.175 3.174 3.175 3.174 3.175 Year 17 3174 3.175 3.174 3.175 3.174 3.175 3.174 3.175 3.174 Year 15 3.175 3.174 3.175 3.174 3.175 3.174 3.175 3.174 3.175 Year 19 3.174 3.175 3.174 3.175 3.174 3.175 3.174 3.175 3.174 Year 20 3.175 3.174 3.175 3.174 3.175 3.175 3.174 3.175 Year 21 3.174 3.175 3.174 3.175 3.174 3.175 3.174 3.175 3.174 Year 22 3.175 3.174 3.175 3.174 3.175 3.174 3.175 3174 3175 Year 20 3.174 3.175 3.174 3.175 3.174 3.175 3.174 3.115 3.174 Year 24 3.175 3.174 3.175 3.174 3.175 3.174 3.175 3.174 3.175 Year 25 1174 3175 3.174 3.175 3.174 3.175 3.174 3.175 3.174 Year 26 3.173 3.174 3.175 3.174 3.175 3.174 3.175 3.174 3.175 Year 11 3 174 3.175 3174 3.175 3.174 3.175 3.174 3.175 3.174 Year 25 3.175 3.174 3.175 3.174 3.175 3.174 3.175 3.175 Year 19 3.174 3.175 3.174 3.175 3.174 3.175 3.174 3175 3.174 Year 30 3.175 3174 3.175 3.174 3.175 3.174 3.175 3.174 3.175 Year 3.174 3.175 3.174 3.174 3.175 3.174 3.175 3.174 Year 32 1.720 1.984 2249 2513 2.778 3,042 3.175 3.174 3 175 Year 33 0.39 0.001 3.175 3.175 3.175 3.174 3.175 3.174 3 175 3174 3.175 3174 3.175 3.174 3.175 3 174 3.175 3.174 3.173 3 174 3175 3 174 Month 11 0.39796 3.175 3.175 3.174 3.175 3.174 3.175 3.174 3.175 3.174 3175 3 174 3.175 3.174 3.175 3 174 Month 12 0.1326 3.175 3.175 3.175 3.174 3.175 3.174 3.175 3.174 3.175 3.174 3.175 3.174 3.175 3.174 3.174 3.175 3.174 3.175 3.174 3 175 3.175 3.174 3.175 3.174 3.175 3.174 3 174 3.175 3.174 3175 3.174 3.175 3.174 3.175 3 174 3.175 3.174 3.175 3.174 3.175 3.174 3.175 3.174 3.175 3175 0.926 1.190 TABLE 5 Nonresidential Real Property Mid Month Caresti Straight Line 39 Years for sus placed in service or after May 13, 1993) Month Property Placed in Service Month Month 2 Month Month 4 Months Meath 6 Month 7 Months Year 1 2.4619 Merko 2.247% 201196 18194 160596 0.963% 07499 Year 1 39 2564 2.564 2.564 2.564 2.564 2.564 2.564 2564 2.564 Year 40 0.107 0321 0.535 0.749 0.963 1.177 1.391 1.605 1.819 Month 11 Meath 12 0 1079 Month 10 5154 2.564 2.033 2564 2.247 2.461