Way Corporation disposed of the following tangible personal property assets in the current year. Date Acquired 5/12/19 Original Basis $ 55,000 3/23/20 72,000 9/17/21 20,000 270,000 80,000 Asset Furniture (7-year) Machinery (7-year) Delivery truck* (5-year) Machinery (7-year) Computer (5-year) *Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2023 depreciation deduction (ignore §179 expens and bonus depreciation for this problem). (Use MACRS Table 1. Table 2, and Exhibit 10-6.) Note: Round your intermediate dollar calculations and final answer to the nearest whole dollar amount. Depreciation deduction Date Sold 7/15/23 3/15/23 3/13/23 8/11/23 12/15/23 10/11/22 10/11/23 Convention HY 38381 MQ HY MQ HY
Way Corporation disposed of the following tangible personal property assets in the current year. Date Acquired 5/12/19 Original Basis $ 55,000 3/23/20 72,000 9/17/21 20,000 270,000 80,000 Asset Furniture (7-year) Machinery (7-year) Delivery truck* (5-year) Machinery (7-year) Computer (5-year) *Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2023 depreciation deduction (ignore §179 expens and bonus depreciation for this problem). (Use MACRS Table 1. Table 2, and Exhibit 10-6.) Note: Round your intermediate dollar calculations and final answer to the nearest whole dollar amount. Depreciation deduction Date Sold 7/15/23 3/15/23 3/13/23 8/11/23 12/15/23 10/11/22 10/11/23 Convention HY 38381 MQ HY MQ HY
Chapter14: Property Transact Ions: Capital Gains And Losses, § 1231, And Recapture Provisions
Section: Chapter Questions
Problem 74P
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