Herald Corporation, a calendar-year taxpayer, purchased the following business assets:

a. If these assets were placed in service in 2017, what is Herald Corporation’s depreciation deduction for 2017 if it makes any elections that will maximize its deduction?
b. If these assets were instead placed in service in 2018, what is Herald Corporation’s depreciation deduction for 2018 if it makes any elections that will maximize its deduction?

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Date placed in service Asset Initial cost Used computer equipment Used office furniture Used office fixtures New office furniture Office building (building only) Land for office building April 3 July 14 October 29 December 15 December 18 December 18 $ 50,000 940,000 1,090,000 460,000 2,000,000 300,000