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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 | $ | 75,000 | |
Machinery (7-year) | 3/23/17 | 3/15/20 | MQ | 92,000 | ||
Delivery truck* (5-year) | 9/17/18 | 3/13/20 | HY | 36,000 | ||
Machinery (7-year) | 10/11/19 | 8/11/20 | MQ | 290,800 | ||
Computer (5-year) | 10/11/20 | 12/15/20 | HY | 96,000 | ||
*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.)
Depreciation Deduction:___________
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