Way Corporation disposed of the following tangible personal property assets in the current year. Asset Date Acquired
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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 | 7/15/21 | HY | $ 90,000 |
| Machinery (7-year) | 3/23/18 | 3/15/21 | MQ | 107,000 |
| Delivery truck* (5-year) | 9/17/19 | 3/13/21 | HY | 48,000 |
| Machinery (7-year) | 10/11/20 | 8/24/21 | MQ | 306,400 |
| Computer (5-year) | 10/11/21 | 12/15/21 | HY | 108,000 |
*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.)
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