On August 4, 2021, calendar year taxpayer Ben Baker acquires and places in service in his sole proprietorship a machine at a cost of $70,000. Assume that the machine has a useful life of 15 years and a salvage value of $10,000. Assume also 16. that the machine is a MACRS 7 year asset, that Ben does not claim an IRC 179 deduction or bonus depreciation, and that Ben purchases no other depreciable assets during the year. What depreciation deduction will Ben claim on his 2023 (third year) Form 1040, Schedule C? $10,490 3,500 10,720 5,750 None of the above ABC DE
On August 4, 2021, calendar year taxpayer Ben Baker acquires and places in service in his sole proprietorship a machine at a cost of $70,000. Assume that the machine has a useful life of 15 years and a salvage value of $10,000. Assume also 16. that the machine is a MACRS 7 year asset, that Ben does not claim an IRC 179 deduction or bonus depreciation, and that Ben purchases no other depreciable assets during the year. What depreciation deduction will Ben claim on his 2023 (third year) Form 1040, Schedule C? $10,490 3,500 10,720 5,750 None of the above ABC DE
Chapter8: Depreciation And Sale Of Business Property
Section: Chapter Questions
Problem 4MCQ: James purchased office equipment for his business. The equipment has a depreciable basis of $7,000...
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT