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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) 5/12/19
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) | 5/12/19 | 7/15/23 | HY | $ 87,500 |
Machinery (7-year) | 3/23/20 | 3/15/23 | MQ | 104,500 |
Delivery truck* (5-year) | 9/17/21 | 3/13/23 | HY | 46,000 |
Machinery (7-year) | 10/11/22 | 8/11/23 | MQ | 303,800 |
Computer (5-year) | 10/11/23 | 12/15/23 | HY | 106,000 |
*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).
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