During 2023, Pepe Guardio purchases the following property for use in his calendar year-end manufacturing business: Manufacturing equipment (7 year): date acquired: 06/02, Cost: Office furniture: date acquired: 09/15/23; Cost: $10,000. Office computer: date acquired: 09/15/23; Cost: $1,600. Passenger automobie (used 90% for business): date acquired: 05/31/23; Cost: $55,000. Warehouse building: date acquired: 05/09/23; Cost: $180,000. Warehouse land: date acquired: 05/09/23 Cost: $135,000. Pepe uses the accelerated depreciation method under MACRS, if available, and does not make the election to expense and elects out of a bonus depreciation. Use Form 4562 to report Pepe's depreciation expense for 2023.
To report Pepe Guardiola's depreciation expense for 2023 on Form 4562, we need to calculate the depreciation for each asset using the MACRS accelerated depreciation method, without bonus depreciation or Section 179 expensing. Here's a breakdown of the depreciation calculations for each asset: 1. Manufacturing Equipment (7-year property): - Date Acquired: 06/02/23 - Cost: [The cost is not provided; please provide the cost to calculate depreciation.] - Depreciation Method: 200% Declining Balance, switching to Straight-Line - Convention: Half-Year - Depreciation Rate: Refer to the IRS depreciation tables for the appropriate percentage. 2. Office Furniture (7-year property): - Date Acquired: 09/15/23 - Cost: $10,000 - Depreciation Method: 200% Declining Balance, switching to Straight-Line - Convention: Half-Year - Depreciation Rate: Refer to the IRS depreciation tables for the appropriate percentage. 3. Office Computer (5-year property): - Date Acquired: 09/15/23 - Cost: $1,600 - Depreciation Method: 200% Declining Balance, switching to Straight-Line - Convention: Half-Year - Depreciation Rate: Refer to the IRS depreciation tables for the appropriate percentage. 4. Passenger Automobile (5-year property, used 90% for business): - Date Acquired:
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