Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. what are macrs deductions for assets placed in ser

What are MACRS deductions for assets placed in service in tax years beginning before 2022...

70.2K

Verified Solution

Question

Accounting

What are MACRS deductions for assets placed in service in tax years beginning before 2022 of following below?
Depreciable property that Rapid Appliance Repair purchased and placed into service prior to 2022 consisted of the following:
Description: Building for Business
Date Placed into service: 1/1/2008
Purchase Price: $200,000
Business Use: 100%
Description: Computer System
Date Placed into service: Computer System
Purchase Price: $1000
Business Use: 100%
Stanley did not claim a Section 179 deduction or any bonus depreciation for these assets when they were purchased. In addition, he did not elect any alternative methods. He only used the MACRS method to depreciate the assets.
The year an asset is placed into service is year 1, so year 1 for the building would be 2008. You need to decide what year 2022 would be for depreciation.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

Pag a 120 100 80 60 40 20 200 180 160 140 120 100 80...

Medical Sciences
1.2K views

1. Why is the patella important for the patellofemoral joint complex? 2. Explain why the “core” is...

Advance Math
1.2K views

What is the integral e^z/Z-1 dz where C is the circle|z| = 2?

Biology
1.2K views

Protein starvation can cause edema because:it can interfere with the ability to produce hemoglobin.the body...

Biology
1.2K views

Question 2 Points 2 Poll taxes and literacy tests were devices used to extend suffrage...

Biology
1.2K views

Electron Transport Chain H NADH Dehyrogenase H H Restor NADH H NAD Electron donor 78967k...

Basic Math
1.2K views

Zina spends 15 hours setting up her sewing machine and making one hat. The total...

Accounting
1.2K views

Joe, the owner of the ice-cream shop, purchases ice cream from two vendors. Over the...

Accounting
1.2K views

Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available...

Accounting
1.2K views

4. Based on the following data, what are total assets? Accounts payable...... Accounts receivable... Cash...........

Accounting
1.2K views

3. "The art and science of management, engineering, and technical activities concerned with requirements, design,...

Finance
1.2K views

It is common for financial advisors to counsel individuals to invest in the stock market...