Convers Corporation (calendar year-end) acquired the following assets during the current tax year: (ignore 179...
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Accounting
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.)
Asset
Date Placed in Service
Original Basis
Machinery
October 25
$ 88,000
Computer equipment
February 3
28,000
Delivery truck*
March 17
41,000
Furniture
April 22
168,000
Total
$ 325,000
*The delivery truck is not a luxury automobile.
In addition to these assets, Convers installed qualified real property (MACRS, 15 year, 150% DB) on May 12 at a cost of $480,000.
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)?
Note: Round your intermediate calculations to the nearest whole dollar amount.
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