A permanent steel building used for the overhaul of dewatering systems (engines, pumps, and wellpoints) is placed in service on July 10 by a calendar-year taxpayer for $260,000. It is sold almost 5 years later on May 15. A) What is the MACRS-GDS property class? B) Determine the depreciation deduction during each of the years involved. C) Determine the unrecovered investment during each of the years involved.
A permanent steel building used for the overhaul of dewatering systems (engines, pumps, and wellpoints) is placed in service on July 10 by a calendar-year taxpayer for $260,000. It is sold almost 5 years later on May 15. A) What is the MACRS-GDS property class? B) Determine the depreciation deduction during each of the years involved. C) Determine the unrecovered investment during each of the years involved.
Chapter10: Cost Recovery On Property: Depreciation, Depletion, And Amortization
Section: Chapter Questions
Problem 55P
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