Way Corporation disposed of the following tangible personal property assets in the current year. Assume that the

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Way Corporation disposed of the following tangible personal property assets in the current year. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation’s 2018 depreciation deduction(ignore §179 expense and bonus depreciation for this problem). 


Asset


Date acquired


Date sold


Convention

Original

Basis

Furniture (7 year)

5/12/14

7/15/18

HY

$55,000

Machinery (7 year)

3/23/15

3/15/18

MQ

$72,000

Delivery truck (5 year)

9/17/16

3/13/18

HY

$20,000

Machinery (7 year)

10/11/17

8/11/18

MQ

$270,000

Computer (5 year)

10/11/18

12/15/18

HY

$80,000

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Taxation Of Individuals And Business Entities 2019 Edition

ISBN: 9781259918391

10th Edition

Authors: Brian C. Spilker, Benjamin C. Ayers, John Robinson, Edmund Outslay, Ronald G. Worsham, John A. Barrick, Connie Weaver

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