SOLVED

83) Mehmet, a calendar-year taxpayer, acquires 5-year tangible personal property in 2013 and does not use Sec. 179. Bonus depreciation is not available. Mehmet places the property in service on the following schedule: Date placed in serviceAcquisition Cost January 15$50,000 May 25$100,000 November 8$200,000 What is the total depreciation for 2012? 84) Greta, a calendar-year taxpayer, acquires 5-year tangible personal property in 2013 and places the property in service on the following schedule: Date placed in serviceAcquisition Cost January 15$ 80,000 May 25$30,000 November 8$508,000 Greta elects to expense the maximum under Section 179, and selects the property placed into service on November 8. Her business ‘s taxable income before section 179 is $900,000. What is the total cost recovery deduction (depreciation and Sec. 179) for 2013? 85) During the year 2013, a calendar year taxpayer, Marvelous Munchies, a chain of specialty food shops, purchased equipment as follows: Date             Asset            Cost March 3Refrigerators 600,000 October 9Equipment 1,200,000 Assume the property is all 5-year property. Marvelous Munchies does not use Sec. 179, and bonus depreciation is not available. What is the maximum depreciation that may be deducted for the assets this year, 2013, assuming the alternative depreciation system is not chosen? 86) On May 1, 2008, Empire Properties Corp., a calendar year taxpayer, purchased an apartment building for $1,000,000, of which $400,000 was allocable to the land. The corporation sold the property this year on September 23, 2013. a.What was the corporation’s depreciation for the building, using statutory percentages under MACRS for 2008? b.What was the corporation’s depreciation for the building, using statutory percentages under MACRS for 2013?