During April of the current year, Ronen purchased a warehouse that he used for business purposes. The basis was $1,602,000. Calculate the maximum depreciation deduction during the current year. (Use MACRS Table 5.) (Round final answer to the nearest whole number.) TABLE 5 Nonresidential Real Property Mid-Month Convention Straight Line-39 Years (for assets placed in service on or after May 13, 1993)Month Property Placed in ServiceMonth 1Month 2Month 3Month 4Month 5Month 6Month 7Month 8Month 9Month 10Month 11Month 12Year 12.461%2.247%2.033%1.819%1.605%1.391%1.177%0.963%0.749%0.535%0.321%0.107%Year 2-392,5642.5642.5642,5642.5642.5642.5642.5642.5642.5642.5642.564Year 400.1070.3210.5350,7490.9631.1771.3911,6051.8192.0332,2472.461

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Description: During April of the current year, Ronen purchased a warehouse that he used for business purposes. The basis was $1,602,000. Calculate the maximum depreciation deduction during the current year. (Use MACRS Table 5.) (Round final answer to the nearest

In the given case, as the asset is purchased in April month of the current year, it falls in the 4th…

Business

Accounting

During April of the current year, Ronen purchased a warehouse that he used for business purposes. The basis was $1,602,000. Calculate the maximum depreciation deduction during the current year. (Use MACRS Table 5.) (Round final answer to the nearest whole number.)

During April of the current year, Ronen purchased a warehouse that he used for business purposes. The basis was $1,602,000. Calculate the maximum depreciation deduction during the current year. (Use MACRS Table 5.) (Round final answer to the nearest whole number.)

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter5: Business Deductions

Section: Chapter Questions

Problem 9BCRQ

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