None AssetDateAcquiredWay Corporation disposed of the following tangible personal property assets in the current year.OriginalBasisDate SoldConventionFurniture (7-year)5/12/197/15/23HY$ 75,000Machinery (7-year)3/23/203/15/23MQ92,000Delivery truck* (5-year)9/17/213/13/23HY36,000Machinery (7-year)10/11/228/11/23MQComputer (5-year)10/11/2312/15/23HY290,80096.000Used 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

Certainly! Let's calculate the depreciation deduction for each asset using the MACRS tables and…

Answered: Asset Date Acquired Way Corporation…

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 74P

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Way Corporation disposed of the following tangible personal property assets in the current year. Asset Date Acquired Date Sold Convention Original Basis Furniture (7-year) 5/12/2018 7/15/2022 HY $ 112,500 Machinery (7-year) 3/23/2019 3/15/2022 MQ 129,500 Delivery truck* (5-year) 9/17/2020 3/13/2022 HY 66,000 Machinery (7-year) 10/11/2021 8/11/2022 MQ 329,800 Computer (5-year) 10/11/2022 12/15/2022 HY 126,000 *Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2022 depreciation deduction (ignore §179 expense and bonus depreciation for this problem).
Way Corporation disposed of the following tangible personal property assets in the current year. Date Date Original Asset Acquired Sold Convention Basis Furniture (7-year) 5/12/16 7/15/20 HY $ 60,000 Machinery (7-year) 3/23/17 3/15/20 MQ 77,000 Delivery truck* (5-year) 9/17/18 3/13/20 HY 24,000 Machinery (7-year) 10/11/19 8/11/20 MQ 275,200 Computer (5-year) 10/11/20 12/15/20 HY 84,000 *Used 100 percent for business. 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). (Use MACRS Table 1, Table 2, and Exhibit 10-6.) (Round your intermediate dollar calculations and final answer to the nearest whole dollar amount.) a. Depreciation Deduction?
Way Corporation disposed of the following tangible personal property assets in the current year. Date Acquired 5/12/2018 3/23/2019 Original Basis $ 87,500 104,500 46,000 303,800 9/17/2020 10/11/2021 10/11/2022 106,000 Asset Furniture (7-year) Machinery (7-year) Delivery truck (5-year). Date Sold 7/15/2022 3/15/2022 3/13/2022 8/11/2022 12/15/2022 Depreciation deduction Convention HY MQ HY MQ 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 2022 depreciation deduction (ignore 5179 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.
TABLE 2a MACRS Mid-Quarter Convention: For property placed in service during the first quarter TABLE 2b MACRS Mid-Quarter Convention: For property placed in service during the second quarter Depreciation Rate for Recovery Period 5-Year 7-Year Year 1 25.00% 17.85% Year 2 30.00 23.47 Year 3 18.00 16.76 Year 4 11.37 11.97 Year 5 11.37 8.87 Year 6 4.26 8.87 Year 7 8.87 Year 8 3.34 TABLE 2e MACRS Mid-Quarter Convention: For property placed in service during the third quarter Depreciation Rate for Recovery Period 5-Year 7-Year Year 1 15.00% 10.71% Year 2 34.00 25.51 Year 3 20.40 18.22 Year 4 12.24 13.02 Year 5 11.30 9.30 Year 6 7.06 8.85 Year 7 8.86 Year 8 5.53 TABLE 2d MACRS-Mid Quarter Convention: For property placed in service during the fourth quarter Depreciation Rate for Recovery Period 5-Year 7-Year Year 1 5.00% 3.57% Year 2 38.00 27.55 Year 3 22.80 19.68 Year 4 13.68 14.06 Year 5 10.94 10.04 Year 6 9.58 8.73
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
Way Corporation disposed of the following tangible personal property assets in the current year. IITI 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 9/17/19 3/13/21 HY 10/11/20 8/21/21 MQ 10/11/21 12/15/21 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
Asset Date Acquired Way Corporation disposed of the following tangible personal property assets in the current year. Original Basis Date Sold Furniture (7-year) 5/12/19 7/15/23 Convention HY $ 82,500 Machinery (7-year) 3/23/20 3/15/23 MQ 99,500 Delivery truck* (5-year) 9/17/21 3/13/23 HY 42,000 pped Machinery (7-year) 10/11/22 8/11/23 MQ 298,600 Computer (5-year) 10/11/23 12/15/23 HY 102,000 Book *Used 100 percent for business. 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
Way Corporation disposed of the following tangible personal property assets in the current year. Date Acquired 5/12/19 Original Basis $ 55,000 72,000 20,000 270,000 3/23/20 9/17/21 10/11/22 10/11/23 80,000 Asset Furniture (7-year) Machinery (7-year) Delivery truck* (5-year) Machinery (7-year) Computer (5-year) *Used 100 percent for business. Date Sold 7/15/23 3/15/23 3/13/23 8/11/23 12/15/23 Depreciation deduction Convention HY MQ ELEGE HY MQ HY 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.
Chaz Corporation has taxable income in 2023 of $1,312,650 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 Basis $ 806,000 956,000 94,000 1,525,000 $ 3,381,000 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.) Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.
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.
Chaz Corporation has taxable income in 2023 of $1,312,250 for purposes of computing the §179 expense and acquired the following assets during the year: Placed in Asset Office furniture Computer equipment Delivery truck Qualified real property (MACRS, 15 year, 150% DB) Total Service September 12 February 10 August 21 September 30 Basis $ 790,000 940,000 78,000 1,509,000 $ 3,317,000 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.) Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Maximum total depreciation deduction
Chaz Corporation has taxable income in 2023 of $1,313,200 for purposes of computing the 5179 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 February 101 August 21 Placed in Service Basis September 12 $828,000 978,000 116,000 September 30 1,547,000 $ 3,469,000 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.) Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Maximum total depreciation deduction

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