Convers Corporation (June 30 year-end) acquired the following assets during the

Question

Convers Corporation (June 30 year-end) acquired the following assets during the current tax year (ignore §179 expense and bonus depreciation for this problem): Placed in Service Date November 13 Narch 3 original Basis 115,000 10,200 37,750 186,00 $348,950 Asset Machinery Computer equipment Used delivery truck February 8 Furniture Total May 17 The delivery truck is not a luxury automobile. What is the allowable MACRS depreciation on Convers's property in the current year? (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.) (Round your intermediate dollar calculations and final answer to the nearest whole dollar amount.

Explanation / Answer

Compute the allowable MACRS depreciation on convers’ property in the current year:

Compute the allowable MACRS depreciation on convers’ property in the current year:

Asset Placed in service Quarter Amount Rate Depreciation 1 2 (3) = (1)*(2) Machinery Nov. 13nd 2nd $   115,000.00 17.85% $   20,527.50 Computer Equipment Mar. 3rd 3rd $     10,200.00 15.00% $     1,530.00 Used truck delivery Feb. 8th 3rd $     37,750.00 15.00% $     5,662.50 Furniture May.17th 4th $   186,000.00 3.57% $     6,640.20 Total $ 348,950.00 $ 34,360.20

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