Denger AssetFurniture (7-year)DateAcquired5/12/19Way Corporation disposed of the following tangible personal property assets in the current year.OriginalBasisDate SoldConvention7/15/23HY$ 97,500Machinery (7-year)3/23/203/15/23MQ114,500Delivery truck* (5-year)9/17/213/13/23HY54,000Machinery (7-year)10/11/228/11/23MQ314,200Computer (5-year)10/11/2312/15/23HY114,000Used 100 percent for business.Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2023 depreciation deduction (ignore §179 expenseand 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$64,554

Depreciation-Depreciation deduction means the value of fixed assets got reduced every year. To…

Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2023 depreciation deduction (ignore §179 expense 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. $ 64,554

Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2023 depreciation deduction (ignore §179 expense 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. $ 64,554

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter14: Property Transactions: Capital Gains And Losses, § 1231, And Recapture Provisions

Section: Chapter Questions

Problem 73P

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Way Corporation disposed of the following tangible personal property assets in the current year. Date Original Acquired 5/12/17 Asset Date Sold Convention Basis Furniture (7-year) Machinery (7-year) Delivery truck* (5-year) Machinery (7-year) Computer (5-year) $ 82,500 99,500 42,000 298,600 102,000 7/15/21 HY 3/23/18 3/15/21 MQ 3/13/21 8/21/21 12/15/21 9/17/19 HY 10/11/20 MQ 10/11/21 HY *Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2021 depreciation deduction (ignore §179 expense and bonus depreciation for this problem). (Use MACRS Table 1, Table 2, and Exhibit 10-6.) (Round your intermediate dollar calculations and final answer to the nearest whole dollar amount.) Depreciation deduction
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Chaz Corporation has taxable income in 2023 of $1,312,750 for purposes of computing the §179 expense and acquired the following assets during the year: Asset Office furniture Computer equipment Delivery truck Qualified real property (MACRS, 15 year, 150% DB) Total Placed in Service September 12 February 10 August 21 September 30 Maximum total depreciation deduction Basis $ 810,000 960,000 98,000 1,529,000 $ 3,397,000 What is the maximum total depreciation deduction that Chaz may deduct in 2023? (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Assessment Tool iFrame Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.
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