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What is the depreciation that may be taken for tax purposes

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Question 1 - For 2014-TI is 335000; fed income taxes are 113900; tax exempt income is 16000; realized gain on like kind exchange is 35000; accelerated depreciation (straight line would have been 45000) 72000; net short term capital loss 31000; NOL carryover 9000; code section 267 loss 9related taxpayer) 17000. Compute E & P.

Question 2 - A computer used in business. It was purchased on Jan 1, 2013 for $10000. What is the depreciation that may be taken for tax purposes? Do not get into additional depreciation or other incentives.

Reference no: EM132048182

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