Regina, a calendar-year taxpayer, purchased used furniture and fixtures for use

Question

Regina, a calendar-year taxpayer, purchased used furniture and fixtures for use in her business and placed the property in service on September 1, 2015. The furniture and fixtures cost $46,000 and represented Regina’s only acquisition of depreciable property during the year. Regina did not elect to expense any part of the cost of the property under Sec. 179. What is the amount of Regina’s depreciation deduction for the furniture and fixtures under the Modified Accelerated Cost Recovery System (MACRS) for 2015?

a. $ 2,667

b. $ 6,573

c. $ 8,000

d. $16,000

Explanation / Answer

Furniture and Fixture is covered under 7 years MACRS which would be 14.29%.

Hence $6573

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