During 2004, Y purchased a new warehouse, which he sold on June 10, 2013.In 2013, Y may claim depreciation equal to 6/12 of the MACRS statutory percentage.

Name: During 2004, Y purchased a new warehouse, which he sold on June 10, 2013.In 2013, Y may claim depreciation equal to 6/12 of the MACRS statutory percentage.
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Question

Quizplus · Accepted Answer

Y can no longer claim depreciation on the warehouse in 2013 as it was sold. Depreciation can only be claimed for assets that are still in use and have not been sold or disposed of.

During 2004, Y Purchased a New Warehouse, Which He Sold