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Question: 1 poplock corporation acquired and placed in service the following...
Question details
1. Poplock Corporation acquired and placed in service the following assets during the year, 2019:
|
Asset |
Date Acquired |
Cost Basis |
|
Computer equipment |
3/23 |
$7,000 |
|
Dog grooming furniture |
5/12 |
$7,000 |
|
Pickup truck |
9/17 |
$10,000 |
|
Commercial building |
10/11 |
$270,000 |
|
Land (one acre) |
10/11 |
$80,000 |
Assuming DLW does not elect §179 expensing or bonus depreciation. What is Poplock's year 2 total cost recovery for these assets?
2.
DLW Corporation acquired and placed in service the following assets during the year, 2019:
|
Asset |
Date Acquired |
Cost Basis |
|
Computer equipment |
2/17 |
$10,000 |
|
Furniture |
5/12 |
$18,000 |
|
Commercial building |
11/1 |
$270,000 |
Assuming DLW does not elect §179 expensing and elects not to use bonus depreciation, what is DLW’s year 3 cost recovery for each asset if DLW sells all of these assets on 1/23 of year 3?
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