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Question - Harris Corp. is a technology start-up and is in its second year of operations. The company didn't purchase any assets this year but purchased the following assets in the prior year:
Asset
Placed in Service
Basis
Office equipment
August 14
$10,000
Manufacturing equipment
April 15
68,000
Computer system
June 1
16,000
Total
$94.000
Harris did not know depreciation was tax deductible until it hired an accountant this year and didn't claim any depreciation deduction in its first year of operation.
Required -
a) What is the maximum amount of depreciation deduction Harris Corp. can deduct in its second year of operation?
b) What is the basis of the office equipment at the end of the second year?
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