Accumulated Depreciation Assignment
At the beginning of its 2018 tax year, Hiram owned the following business assets: Accumulated Depreciation $18,033 66,750 43,254 Date Placed Initial Recovery Depreciation Period in Service Convention Cost $46,500 93,750 60,750 Furniture 6/19/16 7-уear 5-year 5-year Half-year Half-year Half-year Equipment Machinery 5/2/15 9/30/15 On July 8, Hiram sold its equipment.
On August 18, it purchased and placed in service new tools costing $608,000; these tools are three-year recovery property. These were Hiram's only capital transactions for the year. Compute Hiram's maximum cost recovery deduction for 2018. In making your computation, assume that taxable income before depreciation exceeds $1,190,000. Use Table 7-2 (Enter all amounts as positive values. Round your intermediate computations and final answers to the nearest whole dollar amount.) 2018 MACRS Depreciation Furniture Equipment Machinery Total MACRS Depreciation 0 Section 179/bonus on new tools Total 2018 cost recovery.
