70.2K

Verified Solution

Link Copied!

Casper used the following assets in his Schedule C trade or business in the tax year 2022. Casper is a new cllent and unfortunately does not have a copy of his prior year's tax return. He recalls that all of the assets purchased in prior years used MACRS depreciation (no $179 expense or bonus). Casper does not wish to take a $179 or bonus depreciation. (Use Iable 6A.1 and Required: Calculate the current-year depreciation allowance for Casper's business. Note: Round your final answers to the nearest whole dollar amount. TARL. 6A 8 General Deprediation System: Straight Line; Applicable Recovery Period: 39 Years; Mtid Month Convention \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{13}{|c|}{ Menth in the Fint Recovery Year the Property is Placed in Service } \\ \hline Recovery Mear & 1 & 2 & 3 & 4 & 5 & 6 & 7 & 8 & 9 & 10 & II & 12 \\ \hline 1 & 2461 & 2.247 & 2.033 & 1.819 & 1.605 & 1.391 & 1.177 & 963 & .249 & 535 & 32 & 107 \\ \hline 239 & 256 & 2.564 & 2.564 & 2.569 & 2.564 & 2.54 & 2.564 & 2.564 & 2.564 & 2564 & 2364 & \\ \hline 40 & 0.107 & 0.321 & 0.535 & 0.749 & 0.963 & 1.177 & 1.391 & 1.605 & 1.819 & 2003 & 2.24 & 2.661 \\ \hline \end{tabular} TABLE 6A1 General Depreciation System: 200% or 150% Declining Balance Switching to Straight-Line* \begin{tabular}{|c|c|c|c|c|c|c|} \hline \multicolumn{7}{|c|}{ Half-Year Convention } \\ \hline Recovery Year & 3-Year & 5.Year & 7-Year & 10-Year & 15. Year & 20-Year \\ \hline 1 & 33.33 & 20.00 & 14.29 & 10.00 & 5.00 & 3.750 \\ \hline 2 & 44.45 & 32.00 & 24.49 & 18.00 & 9.50 & 7.219 \\ \hline 3 & 14.81 & 19.20 & 17.49 & 14.40 & 8.55 & 6.677 \\ \hline 4 & 7.41 & 11.52 & 12.49 & 11.52 & 7.70 & 6.177 \\ \hline 5 & & 11.52 & 8.93 & 9.22 & 6.93 & 5.713 \\ \hline 6 & & 5,76 & 8.92 & 7.37 & 6.23 & 5.285 \\ \hline 7. & & & 8.93 & 6.55 & 5.90 & 4.888 \\ \hline 8 & & & 4.46 & 6.55 & 5.90 & 4.522 \\ \hline 9 & & & & 6.56 & 5.91 & 4.462 \\ \hline 10 & & & & 6.55 & 5.90 & 4.461 \\ \hline 11 & & & & 3.28 & 5.91 & 4.462 \\ \hline 12 & & & & & 5.90 & 4.461 \\ \hline 13 & & & & & 5.91 & 4.462 \\ \hline 14 & & & & & 5.90 & 4.461 \\ \hline 15 & & & & & 5.91 & 4.462 \\ \hline 16 & & & & & 2.95 & 4.461 \\ \hline 17 & & & & & & 4.462 \\ \hline 18 & & & & & & 4.461 \\ \hline 19 & & & & & & 4.462 \\ \hline 20. & & & & & & 4.461 \\ \hline 21 & & & & & & 2.231 \\ \hline \end{tabular}

Answer & Explanation Solved by verified expert

See Answer