Question
Way Corporation disposed of the following tangible personal property assets in the current year. Date Date Original Asset Acquired Sold Convention Basis Furniture (7-year) 5/12/16
Way Corporation disposed of the following tangible personal property assets in the current year. Date Date Original Asset Acquired Sold Convention Basis Furniture (7-year) 5/12/16 7/15/20 HY $ 62,500 Machinery (7-year) 3/23/17 3/15/20 MQ 79,500 Delivery truck* (5-year) 9/17/18 3/13/20 HY 26,000 Machinery (7-year) 10/11/19 8/11/20 MQ 277,800 Computer (5-year) 10/11/20 12/15/20 HY 86,000 *Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporations 2020 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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