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Conyers 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, Table2,and Table 5
Conyers 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, Table2,and Table 5.)
Asset Machinery Computer equipment Used delivery truck* Furniture Total
Date Placed in Service October 25 February 3 March 17 April. 22
Original Basis $ 110,000 $ 50,000 $ 63,000 $ 190,000 $413,000
*The delivery truck is not a luxury automobile.
In addition to these assets, Conyers installed new flooring (qualified improvement property) to its office building on May 12 at a cost of $700,000.
a. What is the allowable MACRS depreciation on Convers's property in the current year assuming Conyers does not elect §179 expense and elects out of bonus depreciation? (Round your intermediate calculations to the nearest whole dollar amount.)
MACRS depreciation
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