TABLE 2a MACRS Mid-Quarter Convention: For property placed in serviceduring the first quarterTABLE 2b MACRS Mid-Quarter Convention: For property placed in service during thesecond quarterDepreciation Rate for Recovery Period5-Year7-YearYear 125.00%17.85%Year 230.0023.47Year 318.0016.76Year 411.3711.97Year 511.378.87Year 64.268.87Year 78.87Year 83.34TABLE 2e MACRS Mid-Quarter Convention: For property placed in service during the thirdquarterDepreciation Rate for Recovery Period5-Year7-YearYear 115.00%10.71%Year 234.0025.51Year 320.4018.22Year 412.2413.02Year 511.309.30Year 67.068.85Year 78.86Year 85.53TABLE 2d MACRS-Mid Quarter Convention: For property placed in service during thefourth quarterDepreciation Rate for Recovery Period5-Year7-YearYear 15.00%3.57%Year 238.0027.55Year 322.8019.68Year 413.6814.06Year 510.9410.04Year 69.588.73 Way Corporation disposed of the following tangible personal property assets in the current year.ITIDateOriginalAcquired5/12/17AssetDate SoldConventionBasisFurniture (7-year)Machinery (7-year)Delivery truck* (5-year)Machinery (7-year)Computer (5-year)$ 82,50099,50042,000298,600102,0007/15/21HY3/15/213/23/189/17/1910/11/2010/11/21MQ3/13/21HY8/21/21MQ12/15/21HY*Used 100 percent for business.Assume that the delivery truck is not a luxury auto. Calçulate Way Corporation's 2021 depreciation deduction (ignore §179 expenseand bonus depreciation for this problem). (Use MACRS Table 1; Table 2, and Exhibit 10-6.) (Round your intermediate dollarcalculations and final answer to the nearest whole dollär amount.)Depreciation deduction

Depreciation rate is calculated basis the date of acquired ,date of sale and asset class. For…

Way Corporation disposed of the following tangible personal property assets in the current year. 直丁1 Original Basis $ 82,500 99,500 42,000 298,600 102,000 Date Acquired 5/12/17 3/23/18 9/17/19 Asset Date Sold Convention Furniture (7-year) Machinery (7-year) Delivery truck* (5-year) Machinery (7-year) Computer (5-year) 7/15/21 HY 3/15/21 3/13/21 8/21/21 12/15/21 MQ HY 10/11/20 10/11/21 MO HY *Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calçulate 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 dollär amount.) Depreciation deduction

Way Corporation disposed of the following tangible personal property assets in the current year. 直丁1 Original Basis $ 82,500 99,500 42,000 298,600 102,000 Date Acquired 5/12/17 3/23/18 9/17/19 Asset Date Sold Convention Furniture (7-year) Machinery (7-year) Delivery truck* (5-year) Machinery (7-year) Computer (5-year) 7/15/21 HY 3/15/21 3/13/21 8/21/21 12/15/21 MQ HY 10/11/20 10/11/21 MO HY *Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calçulate 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 dollär amount.) Depreciation deduction

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion

Section: Chapter Questions

Problem 7BCRQ

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