At the beginning of the current year, Poplock began a calendar-year dog boarding business called Griff's Palace. Poplock bought and placed in service the following assets during the year: Asset Date Acquired Cost Basis Computer equipment 3/23 $ 9,400 Dog-grooming furniture 5/12 11,400 Pickup truck 9/17 10,000 Commercial building 10/11 314,000 Land (one acre) 10/11 124,000 Assuming Poplock does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. a. What is Poplock's year 1 depreciation deduction for each asset?
At the beginning of the current year, Poplock began a calendar-year dog boarding business called Griff's Palace. Poplock bought and placed in service the following assets during the year: Asset Date Acquired Cost Basis Computer equipment 3/23 $ 9,400 Dog-grooming furniture 5/12 11,400 Pickup truck 9/17 10,000 Commercial building 10/11 314,000 Land (one acre) 10/11 124,000 Assuming Poplock does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. a. What is Poplock's year 1 depreciation deduction for each asset?
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter5: Business Deductions
Section: Chapter Questions
Problem 7BCRQ
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At the beginning of the current year, Poplock began a calendar-year dog boarding business called Griff's Palace. Poplock bought and placed in service the following assets during the year:
| Asset | Date Acquired | Cost Basis |
|---|---|---|
| Computer equipment | 3/23 | $ 9,400 |
| Dog-grooming furniture | 5/12 | 11,400 |
| Pickup truck | 9/17 | 10,000 |
| Commercial building | 10/11 | 314,000 |
| Land (one acre) | 10/11 | 124,000 |
Assuming Poplock does not elect §179 expensing and elects not to use bonus
Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.
a. What is Poplock's year 1 depreciation deduction for each asset?
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