Reference no: EM132484635
At the beginning of its 2018 tax year, Hiram owned the following business assets.
Date Placed lnitial Cost Accumulated Recovery Depreciation in Service Depreciation Period Convention Furniture
6/19/16 $30,750 $11,925 7- year Half-year
Equipment 5/2/15 70,000 49,840 5-year Half-year
Machinery 9/30/15 58,000 41,296 5-year Half-year On July 8, Hiram sold its equipment.
Question 1: On August 18, it purchased and placed in service new tools costing $589,000; 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 $ 1,000,000.
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