Required information [The following information applies to the questions displayed below.] Burbank Corporation (calendar-year-end) acquired the following property this year: (Use MACRS Table 1, Table 2, and Exhibit 10-10.) Asset Used copier New computer equipment Furniture New delivery truck Luxury auto Total Placed in Service Basis November 12 $ 7,800 June 6 14,000 July 15 October 28 January 31 32,000 19,000 70,000 $ 142,800 Burbank acquired the copier in a tax-deferred transaction when the shareholder contributed the copier to the business in exchange for stock. a. Assuming no bonus or §179 expense, what is Burbank's maximum cost recovery deduction for this year? Note: Round your answer to the nearest whole dollar amount. Maximum cost recovery deduction
Required information [The following information applies to the questions displayed below.] Burbank Corporation (calendar-year-end) acquired the following property this year: (Use MACRS Table 1, Table 2, and Exhibit 10-10.) Asset Used copier New computer equipment Furniture New delivery truck Luxury auto Total Placed in Service Basis November 12 $ 7,800 June 6 14,000 July 15 October 28 January 31 32,000 19,000 70,000 $ 142,800 Burbank acquired the copier in a tax-deferred transaction when the shareholder contributed the copier to the business in exchange for stock. a. Assuming no bonus or §179 expense, what is Burbank's maximum cost recovery deduction for this year? Note: Round your answer to the nearest whole dollar amount. Maximum cost recovery deduction
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information
[The following information applies to the questions displayed below.]
Burbank Corporation (calendar-year-end) acquired the following property this year: (Use MACRS Table 1. Table 2, and
Exhibit 10-10.)
Asset
Used copier
New computer equipment
Furniture
New delivery truck
Luxury auto
Total
Placed in Service
Basis
November 12
$ 7,800
June 6
14,000
July 15
October 28
January 31
32,000
19,000
70,000
$ 142,800
Burbank acquired the copier in a tax-deferred transaction when the shareholder contributed the copier to the business in
exchange for stock.
a. Assuming no bonus or §179 expense, what is Burbank's maximum cost recovery deduction for this year?
Note: Round your answer to the nearest whole dollar amount.
Maximum cost recovery deduction](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F16d38736-89ac-4d4c-8ff3-3914e9f8a8a4%2F1f1b4a53-c3ea-4287-9e76-456776badc43%2F41n4b6j_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
Burbank Corporation (calendar-year-end) acquired the following property this year: (Use MACRS Table 1. Table 2, and
Exhibit 10-10.)
Asset
Used copier
New computer equipment
Furniture
New delivery truck
Luxury auto
Total
Placed in Service
Basis
November 12
$ 7,800
June 6
14,000
July 15
October 28
January 31
32,000
19,000
70,000
$ 142,800
Burbank acquired the copier in a tax-deferred transaction when the shareholder contributed the copier to the business in
exchange for stock.
a. Assuming no bonus or §179 expense, what is Burbank's maximum cost recovery deduction for this year?
Note: Round your answer to the nearest whole dollar amount.
Maximum cost recovery deduction
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