DLW Corp acquired and placed in service the following assets during the year: Commercial Building, date...
DLW Corp acquired and placed in service the following assets during the year:
Commercial Building, date acquired 12/20, cost basis $341,000
What is DLW's year 3 cost recovery for each asset if DLW sells all of these assets on 3/14 of year 3?
Nonresidential Real Prop Mid-Month Convention Straight Line-39 yrs, year 2-39 rate is 2.564%
Homework Answers
Depriciation will be calculated as indicated in the table below :-
| Asset | original basis | recovery period | rate | portion of year | depriciation expense |
| Building | 341000 | 39 | 2.564% | 12.50% | $1093 |
Apply mid month convention for the building, because the building was sold on 3/14, we consider it to be used for one half of March which is 50%*(3/12) = 12.5% = $1093
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