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Determine the Steamer annual depreciation allocation

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Question - In the current year, Stan Steamer contributed $50,000 cash and Pierce Arrow contributed a machine with a fair market value of $50,000 and an adjusted basis of $20,000 to a partnership. Each owned a 50% interest in the partnership. All depreciation on the machine is allocated to Steamer in the partnership agreement and the partnership uses the traditional method of allocation. Assuming straight-line depreciation over 5 years, determine the Steamer's annual depreciation allocation?

A. $4,000

B. $5,000

C. $2,000

D. $10,000

Reference no: EM133088738

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