Question;Question: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#48701 | Written in 18-Jul-2015Price : $22