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1. Create an Excel spreadsheet and use it to submit your answers.

2. Using the tables in IRS 2021 Publication 946 pages 70-72, calculate depreciation for the farm assets listed in both Table 1 and Table 2 using 200% MACRS for Years 1 and 2.

3. Enter your answers on the Excel spreadsheet. Be sure to label your answers as Table 1 and Table 2.

Table 1-Farm Assets

Date Placed in Service	Asset	Cost	Life	Section 179 Elected	MACRS Basis	Year 1 MACRS Depreciation
January 1, Year 1	New Truck	$42,000	5 years	0
January 1, Year 1	Harvester	$62,000	5 years	0
Total Year 1 MACRS depreciation

On November 1, Year 2, a new truck was purchased, and on November 30, Year 2, the used truck was sold. The new truck was the only asset purchased during the year.

Table 2-Farm Assets

Date Placed in Service	Asset	Cost	Life	Section 179 Elected in Year 1	Section 179 Elected in Year 2	Year 2 MACRS Depreciation
January 1, Year 1	Used Truck	$42,000	7 years	0	0
January 1, Year 1	Harvester	$62,000	5 years	$25,000	0
November 1, Year 2	New Truck	$68,000	5 years	0	0
Total Year 2 MACRS depreciation

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