Question

Required information Problem 10-54 (LO 10-2; LO 10-3) Convers Corporation (calendar-year-end) acquired the following assets during...

Required information

Problem 10-54 (LO 10-2; LO 10-3)

Convers Corporation (calendar-year-end) acquired the following assets during the current tax year: (ignore §179 expense and bonus depreciation for this problem): (Use MACRS Table 1, Table 2and Table 5.)

Date Placed Original
Asset in Service Basis
Machinery October 25 $ 70,000
Computer equipment February 3 $ 10,000
Used delivery truck* March 17 $ 23,000
Furniture April 22 $ 150,000
Total $ 253,000

*The delivery truck is not a luxury automobile.

In addition to these assets, Convers installed new flooring (qualified improvement property) to its office building on May 12 at a cost of $300,000.

Problem 10-54 Part b

b. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect out of bonus depreciation (but does not take §179 expense)

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