Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Way Corporation disposed of the following tangible personal property assets in the current year. AssetDate AcquiredDate SoldConventionOriginal BasisFurniture (7-year)5/12/197/15/23HY$ 55,000Machinery (7-year)3/23/203/15/23MQ72,000Delivery truck*Note(5-year)9/17/213/13/23HY20,000Machinery (7-year)10/11/228/11/23MQ270,000Computer (5-year)10/11/2312/15/23HY80,000 *Note:Used
Way Corporation disposed of the following tangible personal property assets in the current year.
AssetDate AcquiredDate SoldConventionOriginal BasisFurniture (7-year)5/12/197/15/23HY$ 55,000Machinery (7-year)3/23/203/15/23MQ72,000Delivery truck*Note(5-year)9/17/213/13/23HY20,000Machinery (7-year)10/11/228/11/23MQ270,000Computer (5-year)10/11/2312/15/23HY80,000*Note:Used 100 percent for business.
Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2023 depreciation deduction (ignore 179 expense and bonus depreciation for this problem). (Use MACRS Table 1, Table 2, and Exhibit 10-6.)
Note: 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 with AI-Powered 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