(5 points) On March 28, 2016, Real Corporation, a calendar year taxpayer, purchased office furniture...
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(5 points) On March 28, 2016, Real Corporation, a calendar year taxpayer, purchased office furniture (7-year property) for $19,800, computer equipment (5-year property) for $23,400, and special tools (3-year property) for $9,650. These were the only asset purchases for Real Corporation during 2016. On October 1, 2018, Real Corporation decided to sell the office furniture, computer equipment, and special tools due to financial problems. Compute Real corporation's allowable MACRS depreciation for all of these assets both for the year of purchase 2016 and the year of sale 2018 assuming that Real does not use Section 179 expensing or bonus depreciation on any of these assets.
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