Brittany started a law practice as a sole proprietor. She owned a computer, printer, desk, and file cabinet she purchased during law school (several years ago) that she is planning to use in her business. Asset Computer Printer Desk File cabinet Asset Purchase Price Computer Printer Desk File cabinet $ 6,600 4,400 5,300 4,300 FMV at Time Converted to Business Use Using the above information, what is the depreciable basis that Brittany should use in her business for each asset? $ 4,900 4,250 5,100 4,325 Depreciable Basis
Brittany started a law practice as a sole proprietor. She owned a computer, printer, desk, and file cabinet she purchased during law school (several years ago) that she is planning to use in her business. Asset Computer Printer Desk File cabinet Asset Purchase Price Computer Printer Desk File cabinet $ 6,600 4,400 5,300 4,300 FMV at Time Converted to Business Use Using the above information, what is the depreciable basis that Brittany should use in her business for each asset? $ 4,900 4,250 5,100 4,325 Depreciable Basis
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 3RP
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Transcribed Image Text:Brittany started a law practice as a sole proprietor. She owned a computer, printer, desk, and file cabinet she purchased during law
school (several years ago) that she is planning to use in her business.
Asset
Computer
Printer
Desk
File cabinet
Asset
Purchase
Price
Computer
Printer
Desk
File cabinet
$ 6,600
4,400
5,300
4,300
FMV at Time Converted
to Business Use
Using the above information, what is the depreciable basis that Brittany should use in her business for each asset?
$ 4,900
4,250
5,100
4,325
Depreciable Basis
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