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: What is Anna's year 1 cost recovery for each asset?
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: What is Anna's year 1 cost recovery for each asset?
Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion
Section: Chapter Questions
Problem 8DQ
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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:
What is Anna's year 1 cost recovery for each asset?
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT