Macrs depreciation system, Financial Accounting

Real estate depreciated under MACRS rules is subject to cost recovery using a mid-year convention.

Mike converted his personal residence (acquired in 2001) to rental property this year. At the time of the conversation, the property had a basis of $260,000. The fair market value of the property at conversion was $190,000. Mike's basis for depreciation at conversion is $260,000.

The cost of motion picture films and video tapes can be recovered using the MACRS depreciation system.

Posted Date: 3/25/2013 2:50:42 AM | Location : United States

Related Discussions:- Macrs depreciation system, Assignment Help, Ask Question on Macrs depreciation system, Get Answer, Expert's Help, Macrs depreciation system Discussions

Write discussion on Macrs depreciation system
Your posts are moderated
Related Questions
What are the Advantage of limited liability Advantage of limited liability, though, imposes certain obligations on such companies. To start up a limited company, documents of i

The following information for the six months ended 31 December 2009 relates to the business of Mr N Morris: a) Opening cash (including bank) balance Rs 1,200 b) Production in unit

scope of financial accounting

please help me on the current lay out of the departmental accounts

The partnership of Lewis and Clark had these balances at April 30, 2008: Cash........$28,000 Liabilities........56,000 Clark Capital...14,000 Other Assets...84,000 Service Re

RIGHTS AND DUTIES OF TRUSTEE The rights and duties of trustee are as follows: Powers of trustee: Sell and transfer any part of the bankrupt's property;Carry on the busines

Financial Statement Analysis Group Project 2 ACCT3303 Spring 2013 Due Date: May 5 (by the end of the day) The specific purposes of this project are: 1. Apply to actual companies th

Q. What do you mean by Reasonable Assurance? Reasonable Assurance - Management's assessment of effectiveness of internal control over financial reporting is expressed at the le

#what are the limitations or disadvantages of accounting concept?