I really need help with completing this tax form. Specifically Part III section B, part IV, and part V.I tried to attach form 4562 but it will not allow me toThank youModified Accelerated Cost Recovery System (MACRS), Listed Property, Limitation on Depreciation of Luxury Automobiles (LO 8.2, 8.4, 8.5)During 2020, Pepe Guardio purchases the following property for use in his calendar year-end manufacturing business:ItemDate AcquiredCostManufacturing equipment (7 year)June 2$50,000Office furnitureSeptember 158,000Office computerNovember 182,000Passenger automobile (used 85 percent for business)May 3155,000WarehouseJuly 23 Building 170,000 Land 135,000 Pepe uses the accelerated depreciation method under MACRS, if available, and does not make the election to expense and elects out of a bonus depreciation.Use Form 4562 to report Pepe's depreciation expense for 2020.

Answer: The solution is based on the MACRS general depreciation system (GDS), and all assets are…

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Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter12: Alternative Minimum Tax

Section: Chapter Questions

Problem 34P: In March 2019, Helen Carlon acquired used equipment for her business at a cost of 300,000. The...

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I really need help with completing this tax form. Specifically Part III section B, part IV, and part V.

I tried to attach form 4562 but it will not allow me to

Thank you

Modified Accelerated Cost Recovery System (MACRS), Listed Property, Limitation on Depreciation of Luxury Automobiles (LO 8.2, 8.4, 8.5)

During 2020, Pepe Guardio purchases the following property for use in his calendar year-end manufacturing business:

*Item*	*Date Acquired*	*Cost*
Manufacturing equipment (7 year)	June 2	$50,000
Office furniture	September 15	8,000
Office computer	November 18	2,000
Passenger automobile (used 85 percent for business)	May 31	55,000
Warehouse	July 23
Building		170,000
Land		135,000

Pepe uses the accelerated depreciation method under MACRS, if available, and does not make the election to expense and elects out of a bonus depreciation.

Use Form 4562 to report Pepe's depreciation expense for 2020.

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