Problem 10-54 (LO 10-2, LO 10-3) Convers Corporation (calendar-year-end) acquired the following assets during the current...
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 2, and Table 5.)
| Date Placed | Original | ||
| Asset | in Service | Basis | |
| Machinery | October 25 | $ | 106,000 |
| Computer equipment | February 3 | $ | 46,000 |
| Used delivery truck* | March 17 | $ | 59,000 |
| Furniture | April 22 | $ | 186,000 |
| Total | $ | 397,000 | |
*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 $660,000.
What is the allowable MACRS depreciation on Convers’s property in the current year assuming Convers does not elect §179 expense and elects out of bonus depreciation?
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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