Kirk has the following depreciable assets in his business: Computer equipment (5 year) purchased 7/3/2019 - Orginal cost $10,000, HY convention. Office furniture (7-year) purchased 4/2/2018 - Original cost $5,000, HY convention. Kirk elected NOT to take any sec. 179 or bonus depreciation and elected MACRS DDB on these assets when he originally placed them in service. What is Kirk's total cost recovery (depreciation) deduction for these assets in 2020.

Income Tax Fundamentals 2020
38th Edition
ISBN:9780357391129
Author:WHITTENBURG
Publisher:WHITTENBURG
Chapter8: Depreciation And Sale Of Business Property
Section: Chapter Questions
Problem 15MCQ
icon
Related questions
Question

Kirk has the following depreciable assets in his business: Computer equipment (5 year) purchased 7/3/2019 - Orginal cost $10,000, HY convention. Office furniture (7-year) purchased 4/2/2018 - Original cost $5,000, HY convention. Kirk elected NOT to take any sec. 179 or bonus depreciation and elected MACRS DDB on these assets when he originally placed them in service. What is Kirk's total cost recovery (depreciation) deduction for these assets in 2020.

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps with 4 images

Blurred answer
Knowledge Booster
Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Income Tax Fundamentals 2020
Income Tax Fundamentals 2020
Accounting
ISBN:
9780357391129
Author:
WHITTENBURG
Publisher:
Cengage
SWFT Essntl Tax Individ/Bus Entities 2020
SWFT Essntl Tax Individ/Bus Entities 2020
Accounting
ISBN:
9780357391266
Author:
Nellen
Publisher:
Cengage
SWFT Comprehensive Vol 2020
SWFT Comprehensive Vol 2020
Accounting
ISBN:
9780357391723
Author:
Maloney
Publisher:
Cengage
CONCEPTS IN FED.TAX., 2020-W/ACCESS
CONCEPTS IN FED.TAX., 2020-W/ACCESS
Accounting
ISBN:
9780357110362
Author:
Murphy
Publisher:
CENGAGE L
SWFT Individual Income Taxes
SWFT Individual Income Taxes
Accounting
ISBN:
9780357391365
Author:
YOUNG
Publisher:
Cengage
Individual Income Taxes
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT