Way Corporation disposed of the following tangible personal property assets in the current year.DateAcquired5/12/20183/23/2019OriginalBasis$ 87,500104,50046,000303,8009/17/202010/11/202110/11/2022106,000AssetFurniture (7-year)Machinery (7-year)Delivery truck (5-year).Date Sold7/15/20223/15/20223/13/20228/11/202212/15/2022Depreciation deductionConventionHYMQHYMQMachinery (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 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 expense refers to the charges by which the asset value decreases over its useful life.…

Way Corporation disposed of the following tangible personal property assets in the current year. Date Acquired 5412/2018 Original Basis $ 87,500 104,500 46,000 Asset Furniture (7-year) Date Sold 7/15/2022 3/15/2022 3/13/2022 8/11/2022 12/15/2022 3/23/2019 9/17/2020 10/11/2021 10/11/2022 Convention HY MQ HY MQ HY 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 2022 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. 303,800 106,000

Way Corporation disposed of the following tangible personal property assets in the current year. Date Acquired 5412/2018 Original Basis $ 87,500 104,500 46,000 Asset Furniture (7-year) Date Sold 7/15/2022 3/15/2022 3/13/2022 8/11/2022 12/15/2022 3/23/2019 9/17/2020 10/11/2021 10/11/2022 Convention HY MQ HY MQ HY 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 2022 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. 303,800 106,000

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

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

Section: Chapter Questions

Problem 74P

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