Question
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) 5/12/17
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) 5/12/17 7/15/21 HY $ 60,000 Machinery (7-year) 3/23/18 3/15/21 MQ 77,000 Delivery truck* (5-year) 9/17/19 3/13/21 HY 24,000 Machinery (7-year) 10/11/20 8/12/21 MQ 275,200 Computer (5-year) 10/11/21 12/15/21 HY 84,000 *Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporations 2021 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.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started