question archive 1) Kevin purchased a new business asset (seven-year MACRS asset) on August 31, 2020, at a cost of $350,000
1) Kevin purchased a new business asset (seven-year MACRS asset) on August 31, 2020, at a cost of $350,000
Subject:AccountingPrice: Bought3
1) Kevin purchased a new business asset (seven-year MACRS asset) on August 31, 2020, at a cost of $350,000. On October 4, 2020, Kevin placed this asset in service. This was the only asset Kevin placed in service in 2020. On her 2020 return, Kevin chose not to elect $ 179 or additional first year depreciation, but did choose to maximize her available MACRS depreciation deduction. On August 20, 2021, Kevin sold the asset. Determine the total depreciation Kevin is entitled to claim for this one asset on her 2020 federal income tax return? b) Determine the total depreciation Kevin is entitled to claim for this one asset on her 2021 federal income tax return?
