Boxer LLC has acquired various types of assets recently. Below is a list of assets acquired during 2013 and 2014:

\begin{array} { | l | r | l | l | } \hline \text { Asset } & { \text { Cost Basis } } & \text { Convention } & \text { Date Placed in } \\& & & \text { Service } \\\hline \text { Machinery } & 25,000 & \text { Half year } & \text { January 24, 2013 } \\\hline \text { Warehouse } & 800,000 & \text { Mid month } & \text { August 1, 2013 } \\\hline \text { Furniture } & 100,000 & & \text { October 5, 2014 } \\\hline \text { Computer equipment } & 65,000 & & \text { October 10, 2014 } \\\hline \text { Office equipment } & 34,000 & & \text { September 28, 2014 } \\\hline \text { Automobile } & 35,000 & & \text { July 15, 2014 } \\\hline \text { Office building } & 800,000 & & \text { September 24, 2014 } \\\hline\end{array}

Boxer did not elect §179 expense or potential bonus depreciation in 2013, but would like to elect §179 expense for 2014 (assume that taxable income is sufficient). Calculate Boxer's maximum depreciation expense for 2014, rounded to the nearest whole number (ignore bonus depreciation for 2014). If necessary, use the 2013 luxury automobile limitation amount for 2014 and assume that the 2013 §179 limits are extended to 2014.

Jorge Purchased a Copyright for Use in His Business in the Current

Multiple Choice

Correct Answer:VerifiedUnlock this answer nowGet Access to more Verified Answers free of chargeAccess For Free

Correct Answer:
Verified
Unlock this answer now
Get Access to more Verified Answers free of charge