Asset Date Acquired Way Corporation disposed of the following tangible personal property assets in the current year. Original Basis Date Sold Convention Furniture (7-year) 5/12/19 7/15/23 HY $ 75,000 Machinery (7-year) 3/23/20 3/15/23 MQ 92,000 Delivery truck* (5-year) 9/17/21 3/13/23 HY 36,000 Machinery (7-year) 10/11/22 8/11/23 MQ Computer (5-year) 10/11/23 12/15/23 HY 290,800 96.000 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
Asset Date Acquired Way Corporation disposed of the following tangible personal property assets in the current year. Original Basis Date Sold Convention Furniture (7-year) 5/12/19 7/15/23 HY $ 75,000 Machinery (7-year) 3/23/20 3/15/23 MQ 92,000 Delivery truck* (5-year) 9/17/21 3/13/23 HY 36,000 Machinery (7-year) 10/11/22 8/11/23 MQ Computer (5-year) 10/11/23 12/15/23 HY 290,800 96.000 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
Chapter14: Property Transactions: Capital Gains And Losses, § 1231, And Recapture Provisions
Section: Chapter Questions
Problem 74P
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Transcribed Image Text:Asset
Date
Acquired
Way Corporation disposed of the following tangible personal property assets in the current year.
Original
Basis
Date Sold
Convention
Furniture (7-year)
5/12/19
7/15/23
HY
$ 75,000
Machinery (7-year)
3/23/20
3/15/23
MQ
92,000
Delivery truck* (5-year)
9/17/21
3/13/23
HY
36,000
Machinery (7-year)
10/11/22
8/11/23
MQ
Computer (5-year)
10/11/23
12/15/23
HY
290,800
96.000
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
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