Brittany started a law practice as a sole proprietor. She owned a computer, printer, desk, and file cabinet she purchased during law school (several years ago) that she is planning to use in her business.   FMV at Time PurchaseConverted toAsset PriceBusiness UseComputer$6,900$5,200Printer 4,700 4,550Desk 5,600 5,400File cabinet 4,600 4,625 Using the above information, what is the depreciable basis that Brittany should use in her business for each asset?                          ASSET                 DEPRECIABLE BASISComputerPrinterDeskFile Cabinet

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Asked Feb 2, 2020
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Brittany started a law practice as a sole proprietor. She owned a computer, printer, desk, and file cabinet she purchased during law school (several years ago) that she is planning to use in her business.


 

    FMV at Time
  Purchase Converted to
Asset  Price Business Use
Computer $ 6,900 $ 5,200
Printer   4,700   4,550
Desk   5,600   5,400
File cabinet   4,600   4,625

 


Using the above information, what is the depreciable basis that Brittany should use in her business for each asset?

                          ASSET                 DEPRECIABLE BASIS

Computer

Printer

Desk

File Cabinet

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Depreciable basis: Depreciable basis is the amount of asset that should be depreciated over its useful life of as...

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