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Way Corporation disposed of the following tangible personal property assets in the current year. Asset Date Acquired Date Sold Convention Original Basis Furniture (7-year) 5/12/15
Way Corporation disposed of the following tangible personal property assets in the current year.
Asset | Date Acquired | Date Sold | Convention | Original Basis |
Furniture (7-year) | 5/12/15 | 7/15/19 | HY | 92,500 |
Machinery (7-year) | 3/23/16 | 3/15/19 | MQ | 109,500 |
Delivery truck* (5-year) | 9/17/17 | 3/13/19 | HY | 50,000 |
Machinery (7-year) | 10/11/18 | 8/11/19 | MQ | 309,000 |
Computer (5-year) | 10/11/19 | 12/15/19 | HY | 110,000 |
*Used 100 percent for business.
Assume that the delivery truck is not a luxury auto. Calculate Way Corporations 2019 depreciation deduction (ignore 179 expense and bonus depreciation for this problem). (Use MACRS Table 1, Table 2, and Exhibit 10-6.) (Round your intermediate dollar calculations and final answer to the nearest whole dollar amount.)
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