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The books of Seal Company, a calendar year taxpayer, had assets and related information (as detailed below) as of December 31, 2011. Seal's policy is to record depreciation on December 31 by way of a journal entry. Seal also takes advantage of any early write-offs of its purchased assets allowed by law. Based on the information given calculate Seal's maximum depreciation deduction for 2012. The office equipment purchased is new and Seal's taxable income for the year is $1,000,000. Bonus depreciation in effect for 2012 is 50%. Seal purchased office equipment of $240,000 on February 1, 2012.
Asset Basis Year Purchased
Manufacturing Tools 120,000 2011
Trucks 300,000 2010
Water Trans, Equip 150,000 2009
Fencing-Plant 90,000 2008
Net Salvage Value Allen Air Lines must liquidate some equipment that is being replaced. The equipment originally cost $24 million, of which 80% has been depreciated. The used
Complete the following problems located in Taxation of Individuals and Business Entities: • Comprehensive Problem 67 (Ch. 5) using Microsoft Excel, except prepare the computations
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