Harrison acquires $65,000 of 5-year property in June 2021 that is required to be depreciated using the mid-quarter convention (because of other purchases that year). He did not apply Sec. 179 immediate expensing or bonus depreciation. If Harrison sells the property on August 23, 2023, what is the amount of depreciation claimed in 2023? A) $6,500. B) $7,313 C) $11,700. D) $9,289.
Harrison acquires $65,000 of 5-year property in June 2021 that is required to be depreciated using the mid-quarter convention (because of other purchases that year). He did not apply Sec. 179 immediate expensing or bonus depreciation. If Harrison sells the property on August 23, 2023, what is the amount of depreciation claimed in 2023? A) $6,500. B) $7,313 C) $11,700. D) $9,289.
Chapter8: Depreciation And Sale Of Business Property
Section: Chapter Questions
Problem 15MCQ
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT