Suppose you are working as a staff in the tax department of a large public accounting firm. One of your clients. Trace Corporation, has provided the attached workpaper calculating tax depreciation to be claimed on its 2022 federal income tax return. Required Your task is to verify the client's calculations of its 2022 tax depreciation deduction. For assets placed in service prior to the current year. you may assume the MACRS convention is correct. 1. Confirm or correct the following items: a. Current year tax depreciation recovery percentage and deduction amounts b. Recovery period and first-year convention for assets placed in service in 2022 2. For each error identified, briefly explain for the client's benefit the nature of the error and the correction needed to calculate 2022 tax depreciation. 3. Can you identify any opportunities to lower the client's tax liability? Trace Corporation 2022 Tax Depreciation Deduction Worksheet Suppose you are working as a staff in the tax department of a large public accounting firm. One of your clients. Trace Corporation, has provided the attached workpaper calculating tax depreciation to be claimed on its 2022 federal income tax return. Required Your task is to verify the client's calculations of its 2022 tax depreciation deduction. For assets placed in service prior to the current year. you may assume the MACRS convention is correct. 1. Confirm or correct the following items: a. Current year tax depreciation recovery percentage and deduction amounts b. Recovery period and first-year convention for assets placed in service in 2022 2. For each error identified, briefly explain for the client's benefit the nature of the error and the correction needed to calculate 2022 tax depreciation. 3. Can you identify any opportunities to lower the client's tax liability? Trace Corporation 2022 Tax Depreciation Deduction Worksheet