Jim places a new lift truck 7-year MACRS property) into service on January 16, 2014. He pays $30,000 for the truck. This is the only business asset placed into service during this year. Jim does not desire to use the Section 179 election. How much depreciation may Jim deduct for 2014?

Question

Quizplus · Accepted Answer

For 7-year MACRS property, the first-year depreciation rate is 14.29%. Therefore, $30,000 x 14.29% = $4,287.

Jim Places a New Lift Truck 7-Year MACRS Property) into Service