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) Assuming Poplock does not elect §179 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 Date Acquired 3/23 5/12 9/17 10/11 10/11 a. What is Poplock's year 1 depreciation deduction for each asset? Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Total $ $ Cost Basis $ 9,200 11, 200 10,000 312,000 122,000 Depreciation Deduction 0
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) Assuming Poplock does not elect §179 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 Date Acquired 3/23 5/12 9/17 10/11 10/11 a. What is Poplock's year 1 depreciation deduction for each asset? Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Total $ $ Cost Basis $ 9,200 11, 200 10,000 312,000 122,000 Depreciation Deduction 0
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter7: Property Transactions: Basis, Gain And Loss, And Nontaxable Exchanges
Section: Chapter Questions
Problem 1BD
Related questions
Question
![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)
Asset
Computer equipment
Dog-grooming furniture
Pickup truck
Commercial building
Land (one acre)
Total
Date Acquired
3/23
5/12
9/17
Assuming Poplock does not elect §179 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.
GA
10/11
10/11
a. What is Poplock's year 1 depreciation deduction for each asset?
$
Cost Basis
$ 9,200
11, 200
10,000
312,000
122,000
Depreciation
Deduction](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F73d92cb8-8e2c-4e94-93f0-a529230a2982%2F2b4719e0-8b27-46d6-9ed3-4d94354d5cc1%2Fxqy77jc_processed.png&w=3840&q=75)
Transcribed Image Text: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)
Asset
Computer equipment
Dog-grooming furniture
Pickup truck
Commercial building
Land (one acre)
Total
Date Acquired
3/23
5/12
9/17
Assuming Poplock does not elect §179 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.
GA
10/11
10/11
a. What is Poplock's year 1 depreciation deduction for each asset?
$
Cost Basis
$ 9,200
11, 200
10,000
312,000
122,000
Depreciation
Deduction
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