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mar) 3/23/18 9/17/19 10/11/20 10/11/21 3/13/21 8/24/21 12/15/21 MY MQ HY 306,400 105,000 business. wery truck is not a luxury auto. Calculate Way Corporation's 2021 depreciation son for this problem). (Use MACRS Table 1. Table 2. and Exhibit 10-6) (Round al answer to the nearest whole dollar amount.)

mar) 3/23/18 9/17/19 10/11/20 10/11/21 3/13/21 8/24/21 12/15/21 MY MQ HY 306,400 105,000 business. wery truck is not a luxury auto. Calculate Way Corporation's 2021 depreciation son for this problem). (Use MACRS Table 1. Table 2. and Exhibit 10-6) (Round al answer to the nearest whole dollar amount.)

SWFT Essntl Tax Individ/Bus Entities 2020
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter5: Business Deductions
Section: Chapter Questions
Problem 35P
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Problem 10-50 (LO 10-2) (Algo) Way Corporation disposed of the following tangible personal property assets in the current year. Asset Furniture (7-year) Machinery (7-year) Delivery truck (5-year). Machinery (7-year) Computer (5-year) "Used 100 percent for business. Date Acquired 5/12/17 3/23/18 9/17/19 10/11/20 10/11/21 Date Sold 7/15/21 3/15/21 3/13/21 8/24/21 12/15/21 Convention Original Basis $ 90,000 HY 107,000 48,000 306,400 108,000 Answer is complete but not entirely correct. Depreciation deduction $ 34,877 P1Q HY HY Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2021 depreciation deduction (ignore $179 expense and bonus depreciation for this problem). (Use MACRS Table 1, Table 2. and Exhibit 10-6) (Round your intermediate dollar calculations and final answer to the nearest whole dollar amount.)
Transcribed Image Text:Problem 10-50 (LO 10-2) (Algo) Way Corporation disposed of the following tangible personal property assets in the current year. Asset Furniture (7-year) Machinery (7-year) Delivery truck (5-year). Machinery (7-year) Computer (5-year) "Used 100 percent for business. Date Acquired 5/12/17 3/23/18 9/17/19 10/11/20 10/11/21 Date Sold 7/15/21 3/15/21 3/13/21 8/24/21 12/15/21 Convention Original Basis $ 90,000 HY 107,000 48,000 306,400 108,000 Answer is complete but not entirely correct. Depreciation deduction $ 34,877 P1Q HY HY Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2021 depreciation deduction (ignore $179 expense and bonus depreciation for this problem). (Use MACRS Table 1, Table 2. and Exhibit 10-6) (Round your intermediate dollar calculations and final answer to the nearest whole dollar amount.)
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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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