At the beginning of the year, Anna began a calendar year business and placed in service the following assets during the year Asset Date Acquired Cost Basis Computers 1 30 $28,000 Office desks 2 15 $32,000 Machinery 7 25 $75,000 Office building 8 13 $400,000 Assuming Anna does not elect 179 expensin...

a 24743 using the halfyear convention for personal property as calc ...

At the beginning of the year, Anna began a calendar-year business and placed in service the following

Question:

At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year:

Asset	Date Acquired	Cost Basis
Computers	1/30	$28,000
Office desks	2/15	$32,000
Machinery	7/25	$75,000
Office building	8/13	$400,000

Assuming Anna does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions:

a. What is Anna’s year 1 cost recovery for each asset?

b. What is Anna’s year 2 cost recovery for each asset?

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Taxation Of Individuals And Business Entities 2021

ISBN: 9781260247138

12th Edition

Authors: Brian Spilker, Benjamin Ayers, John Barrick, Troy Lewis, John Robinson, Connie Weaver, Ronald Worsham

Question Posted: Dec 28, 2020 03:11 AM

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At the beginning of the year, Anna began a calendar-year business and placed in service the following

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