Karane, Inc. is a calendar-year taxpayer. During 2022, Karane, Inc. placed the following assets into service: Asset Cost Placed in Service Date Computer 10,000 3/15/2022 Office Furniture 20,000 11/15/2022 Office Building 1,000,000 11/15/2022   Karane, Inc. has elected out of bonus depreciation and did not claim Section 179 depreciation. Karane used the default depreciation method for all assets. What is each asset's depreciation deduction in 2022?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Karane, Inc. is a calendar-year taxpayer.

During 2022, Karane, Inc. placed the following assets into service:

Asset Cost Placed in Service Date
Computer 10,000 3/15/2022
Office Furniture 20,000 11/15/2022
Office Building 1,000,000

11/15/2022

 

Karane, Inc. has elected out of bonus depreciation and did not claim Section 179 depreciation. Karane used the default depreciation method for all assets.

What is each asset's depreciation deduction in 2022?

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