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?
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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
What is each asset's depreciation deduction in 2022?
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