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Calculate what the depreciation deduction would be

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Reference no: EM133077039

Question - Samuels Corp. purchased the following assets and startup costs during 2020:

Office Furniture for $180,000 on 2/6/2020

Equipment for $850,000 on 6/22/2020

Truck for $65,000 on 8/15/2020

Start-up costs $23,000 on 2/1/2020

a. Assuming that Samuels does not elect the Section 179 deduction or bonus depreciation, calculate what the depreciation deduction would be in Years 2020 and 2021 using the appropriate depreciation rates.

b. Assume Samuel elects to claim the Section 179 deduction. What depreciation can Samuels take in Years 2020 and 2021? How much can he deduct in start-up costs in years 2020 and 2021?

Reference no: EM133077039

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