Please explain if depreciation may be claimed on the above assets, and, if so, show the amount of allowable depreciation
John Marten is a sole proprietor who engages in financial planning for wealthy individuals. He wants his offices to be decorated with rare collections of art as they are investments which should increase in value, they provide an appropriate and impressive office atmosphere when current and prospective clients visit the office, and he will be able to depreciate the cost of the artworks. So John buys expensive artwork for $400,000. You are preparing John?s 2013 return and he asks you to depreciate the artwork on his return.;Please explain if depreciation may be claimed on the above assets, and, if so, show the amount of allowable depreciation. John does not want to claim the section 179 expensing deduction.
Paper#24496 | Written in 18-Jul-2015Price : $27