Chaz Corporation has taxable income in 2023 of $1,312,500 for purposes of computing the §179 expense and acquired the following assets during the year: Asset Placed in Service Basis Office furniture September 12 $ 800,000 Computer equipment February 10 950,000 Delivery truck August 21 88,000 Qualified real property (MACRS, 15 year, 150% DB) September 30 1,519,000 Total $ 3,357,000 What is the maximum total depreciation deduction that Chaz may deduct in 2023?

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.