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INDIVIDUAL TAXATION FACTS: Your client made f...




INDIVIDUAL TAXATION FACTS: Your client made four significant purchases of property during the year 2010. The type, dates and amounts are as follows: TYPE OF PROPERTY DATE PLACED IN SERVICE AMOUNT Residential Rental Building January 10, 2010 $1,000,000 Office Furniture - 7 yr. April 1, 2010 $300,000 Office Equipment - 5 yr. December 31, 2010 $325,000 2010 Ford Expedition December 1, 2010 $ 62,000 The expedition is more then 6000 pounds so remember special rules REQUIRED: Fill in Form 4562 "Depreciation and Amortization" for the year 2010. Assume that your client would like to expense as much of the property allowable under Section 179. Your client wishes to take bonus depreciation on the Expedition but not on the other assets. Assume further that the client's business income is $490,000. Remember to use the appropriate convention. MACRS is used for all assets.,Is their any more information you need


Paper#1522 | Written in 18-Jul-2015

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