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VCC Co., a calendar year taxpayer, purchased small tools for $5,000 on December 21, 2020,...

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Question

Accounting

VCC Co., a calendar year taxpayer, purchased small tools for $5,000 on December 21, 2020, representing the company's only purchase of tangible personal property that took place during 2020. On its 2020 tax return, how many months of MACRS depreciation may VCC Co. claim on the tools (assuming they do not qualify for immediate expensing under Sec. 179 or bonus depreciation)?

Three and a half months

Six months

One and a half months

Three months

Twelve months

Answer & Explanation Solved by verified expert
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