[ine following information applies to the questions displayed below. At the beginning of the current year, Poplock began a calendar-year dog boarding business called Griff's Palace, Poplock bought and placed in service the following assets during the year: Asset Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Assuming Poplock does not elect 5179 expensing and elects not to use bonus depreciation, answer the following. questions: (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. Asset Computer equipment Dog-grooming furniture Pickup truck Date Acquired Cost Basis 3/23 $9,000 5/12 11,000 10,000 310,000 120,000 What is Poplock's year 1 depreciation deduction for each asset? Commercial building Land (one acre) Total 9/17 10/11 10/11 $ Depreciation Deduction
[ine following information applies to the questions displayed below. At the beginning of the current year, Poplock began a calendar-year dog boarding business called Griff's Palace, Poplock bought and placed in service the following assets during the year: Asset Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Assuming Poplock does not elect 5179 expensing and elects not to use bonus depreciation, answer the following. questions: (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. Asset Computer equipment Dog-grooming furniture Pickup truck Date Acquired Cost Basis 3/23 $9,000 5/12 11,000 10,000 310,000 120,000 What is Poplock's year 1 depreciation deduction for each asset? Commercial building Land (one acre) Total 9/17 10/11 10/11 $ Depreciation Deduction
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter17: Business Tax Credits And The Alternative Minimum Tax
Section: Chapter Questions
Problem 11P
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