Question
Sandy acquired the following assets in 2020 to use in his trade or business: a. New warehouse on Jan 29 with a basis of 1,000,000
Sandy acquired the following assets in 2020 to use in his trade or business:
a. New warehouse on Jan 29 with a basis of 1,000,000 (which is not qualified as real property for sec. 179)
b. Land on Jan 29 which the warehouse is located with a basis of 150,000
c. Computer Equipment acquired on Oct. 8 with the purchase price of 950,000
d. Furniture on Nov 1 with a basis of 500,000
e. Machinery on Nov 9 with a basis of 1,200,000
Assume Sandy has sufficient income to claim any available sec. 179 expense. Calculate total Depreciation expense for 2020 based on Sandy Claiming the available sec 179 expense and regular MACRS depreciation for the asset. Bonus Depreciation rules DO NOT APPLY
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Financial Institutions Management A Risk Management Approach
Authors: Marcia Cornett, Patricia McGraw, Anthony Saunders
8th edition
978-0078034800, 78034809, 978-0071051590
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