Taxpayer has a new piece of equipment for his business. Relevant dates are listed below. When should depreciation start? Purchased on 8/31/X1 Delivered on 12/1/X1 Assembled and started to use 1/15/X2 What is the current percentage for additional first year depreciation (i.e. bonus depreciation)?

Taxpayer has a new piece of equipment for his business. Relevant dates are listed below. When should depreciation start? Purchased on 8/31/X1 Delivered on 12/1/X1 Assembled and started to use 1/15/X2 What is the current percentage for additional first year depreciation (i.e. bonus depreciation)?

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

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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Taxpayer has a new piece of equipment for his business. Relevant dates are listed below. When
should depreciation start?
Purchased on 8/31/X1
Delivered on 12/1/X1
Assembled and started to use 1/15/X2
What is the current percentage for additional first year depreciation (i.e. bonus depreciation)?

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