Personalty Depreciation Exercises I - Company ABC purchased the following assets on October 21, 2022,...
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Personalty Depreciation Exercises I - Company ABC purchased the following assets on October 21, 2022, and placed them in service on the dates shown. - Computer Equipment: 3/1/23, Total installed price =$3,000,000 (5-year property). - Communications Equipment: 9/25/23, Total installed price =$500,000 (7-year property). - ABC elected not to use either 179 Immediate Expensing or 168(k) Bonus Depreciation. a. What is the maximum allowed cost recovery for 2023 for the Computer Equipment only? b. What is the maximum allowed cost recovery for 2023 for the Communications Equipment only
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Personalty Depreciation Exercises I - Company ABC purchased the following assets on October 21, 2022, and placed them in service on the dates shown. - Computer Equipment: 3/1/23, Total installed price =$3,000,000 (5-year property). - Communications Equipment: 9/25/23, Total installed price =$500,000 (7-year property). - ABC elected not to use either 179 Immediate Expensing or 168(k) Bonus Depreciation. a. What is the maximum allowed cost recovery for 2023 for the Computer Equipment only? b. What is the maximum allowed cost recovery for 2023 for the Communications Equipment only 