Convers Corporation (calendar year-end) acquired the following assets during the current tax year: (ignore §179 expense and bonus depreciation for this problem): (Use MACRS Table 1, Table 2 and Table...


Convers Corporation (calendar year-end) acquired the following assets during the current tax year: (ignore §179 expense<br>and bonus depreciation for this problem): (Use MACRS Table 1, Table 2 and Table 5.)<br>Date Placed in<br>Original<br>Asset<br>Service<br>Basis<br>Machinery<br>Computer equipment<br>Delivery truck*<br>$ 92,000<br>32,000<br>45,000<br>172,000<br>October 25<br>February 3<br>March 17<br>Furniture<br>April 22<br>Total<br>$ 341,000<br>*The delivery truck is not a luxury automobile.<br>In addition to these assets, Convers installed new flooring (qualified improvement property) to its office building on May 12<br>at a cost of $520,000.<br>Problem 10-54 Part a (Algo)<br>a. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect<br>$179 expense and elects out of bonus depreciation? (Round your intermediate calculations and final answer to the nearest whole<br>dollar amount.)<br>MACRS depreciation<br>

Extracted text: Convers Corporation (calendar year-end) acquired the following assets during the current tax year: (ignore §179 expense and bonus depreciation for this problem): (Use MACRS Table 1, Table 2 and Table 5.) Date Placed in Original Asset Service Basis Machinery Computer equipment Delivery truck* $ 92,000 32,000 45,000 172,000 October 25 February 3 March 17 Furniture April 22 Total $ 341,000 *The delivery truck is not a luxury automobile. In addition to these assets, Convers installed new flooring (qualified improvement property) to its office building on May 12 at a cost of $520,000. Problem 10-54 Part a (Algo) a. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect $179 expense and elects out of bonus depreciation? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) MACRS depreciation

Jun 09, 2022
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