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
[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.) (Round your answer to the nearest whole dollar amount.)
Asset | Placed in Service | Basis | |
Used copier | November 12 | $ | 7,800 |
New computer equipment | June 6 | 14,000 | |
Furniture | July 15 | 32,000 | |
New delivery truck | October 28 | 19,000 | |
Luxury auto | January 31 | 70,000 | |
Total | $ | 142,800 | |
|
Burbank acquired the copier in a tax-deferred transaction when the shareholder contributed the copier to the business in exchange for stock.
c. What is Burbanks maximum cost recovery deduction this year assuming it elects 179 expense and claims bonus depreciation?
THIS QUESTION IS REFERRING TO 2019.
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