On August 4, 2021, calendar year taxpayer Ben Baker acquires and places in service in his sole proprietorship a machine at a cost of $70,000. Assume that the machine has a useful life of 15 years and a salvage value of $10,000. Assume also 16. that the machine is a MACRS 7 year asset, that Ben does not claim an IRC 179 deduction or bonus depreciation, and that Ben purchases no other depreciable assets during the year. What depreciation deduction will Ben claim on his 2023 (third year) Form 1040, Schedule C? $10,490 3,500 10,720 5,750 None of the above ABC DE

On August 4, 2021, calendar year taxpayer Ben Baker acquires and places in service in his sole proprietorship a machine at a cost of $70,000. Assume that the machine has a useful life of 15 years and a salvage value of $10,000. Assume also 16. that the machine is a MACRS 7 year asset, that Ben does not claim an IRC 179 deduction or bonus depreciation, and that Ben purchases no other depreciable assets during the year. What depreciation deduction will Ben claim on his 2023 (third year) Form 1040, Schedule C? $10,490 3,500 10,720 5,750 None of the above ABC DE

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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13.
Guardian Industries Corp., a calendar year taxpayer purchases personal property during 2020 for use in its business as follows: February 14th Cost of $60,000 - 5yr property November 4th Cost of $275,000 - 7yr property Compute Guardian's 2020 depreciation (taxpayer does not elect to take Section 179 or bonus depreciation) - show your computations please.
am. 107.