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 2020 depreciation deduction (ignore §179 expense and bonus depreciation for this problem).
Asset | Date acquired | Date sold | Convention | Original Basis |
Furniture (7 year) | 5/12/16 | 7/15/20 | HY | $55,000 |
Machinery (7 year) | 3/23/17 | 3/15/20 | MQ | $72,000 |
Delivery truck* (5 year) | 9/17/18 | 3/13/20 | HY | $20,000 |
Machinery (7 year) | 10/11/19 | 8/11/20 | MQ | $270,000 |
Computer (5 year) | 10/11/20 | 12/15/20 | HY | $80,000 |
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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
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