Required information [The following information applies to the questions displayed below] At the beginning of the current year, Poplock began a calendar-year dog boarding business called Griff's Palace Poplock bought and placed in service the following assets during the year. Asset Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Date Acquired Cost Basis 3/23 $7,000 5/12 9,000 9/17 10/11 10/11 Assuming Poplock does not elect 5179 expensing and elects not to use bonus depreciation, answer the following questions (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no. answer blank. Enter zero if applicable. Asset Computer equipment Dog-grooming furnitae Pickup truck Commercial building Land (one acre) Total a. What is Poplock's year 1 depreciation deduction for each asset Depreciation. Deduction $ S $ 5 3 10,000 290,000 100,000 18,000 1.572 2.000 1,669 23.231
Required information [The following information applies to the questions displayed below] At the beginning of the current year, Poplock began a calendar-year dog boarding business called Griff's Palace Poplock bought and placed in service the following assets during the year. Asset Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Date Acquired Cost Basis 3/23 $7,000 5/12 9,000 9/17 10/11 10/11 Assuming Poplock does not elect 5179 expensing and elects not to use bonus depreciation, answer the following questions (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no. answer blank. Enter zero if applicable. Asset Computer equipment Dog-grooming furnitae Pickup truck Commercial building Land (one acre) Total a. What is Poplock's year 1 depreciation deduction for each asset Depreciation. Deduction $ S $ 5 3 10,000 290,000 100,000 18,000 1.572 2.000 1,669 23.231
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter17: Business Tax Credits And The Alternative Minimum Tax
Section: Chapter Questions
Problem 11P
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