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Author Question: On June 30, 2016, Temika purchased office furniture (7-year property) costing $400,000 and computers ... (Read 276 times)

joe

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Question 1

Mehmet, a calendar-year taxpayer, acquires 5-year tangible personal property in 2016 and does not use Sec. 179.  The property does not qualify for bonus depreciation. Mehmet places the property in service on the following schedule:



What is the total depreciation for 2016?

Question 2

On June 30, 2016, Temika purchased office furniture (7-year property) costing $400,000 and computers (5-year property) with a cost of $250,000. She uses Sec. 179, but the assets do not qualify for bonus depreciation. Her business income is $790,000 without considering Sec. 179. How should she allocate the 179 election in order to maximize her total cost recovery deductions (depreciation and Sec. 179) for 2016 ?


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Marked as best answer by joe on Sep 13, 2020

tandmlomax84

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joe

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Reply 2 on: Sep 13, 2020
Wow, this really help


aruss1303

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Reply 3 on: Yesterday
:D TYSM

 

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