Question

Way Corporation disposed of the following tangible personal property assets in the current year. Assume that...

Way Corporation disposed of the following tangible personal property assets in the current year. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation’s 2018 depreciation deduction (ignore §179 expense and bonus depreciation for this problem).

Asset

Date acquired

Date sold

Convention

Original

Basis

Furniture (7 year)

5/12/14

7/15/18

HY

$55,000

Machinery (7 year)

3/23/15

3/15/18

MQ

$72,000

Delivery truck (5 year)

9/17/16

3/13/18

HY

$20,000

Machinery (7 year)

10/11/17

8/11/18

MQ

$270,000

Computer (5 year)

10/11/18

12/15/18

HY

$80,000
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Answer #1

Solution: $51,851.00

Working:

Asset

Date acquired

Date sold

Quarter

Porion of the year

Original Basis

Rate

Dep Exp

Furniture (7 year)

05/12/2014

07/15/2018

n/a

50.00%

$55,000

8.93%

2,456.00

Machinery (7 year)

03/23/2015

03/15/2018

1st

12.50%

$72,000

10.93%

984.00

Delivery truck (5 year)

09/17/2016

03/13/2018

n/a

50.00%

$20,000

19.20%

1,920.00

Machinery (7 year)

10/11/2017

08/11/2018

4th

62.50%

$270,000

27.55%

46,491.00

Computer (5 year)

10/11/2018

12/15/2018

n/a

50.00%

$80,000

0.00%

0.00

51,851.00
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