# group Assignment for Chapter 10 - solutions.docx - Chapter...

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Chapter 10 Group Assignment ACCT 351/551 In this assignment, assume that the Sec. 179 and bonus depreciation tax apply to the 2016 tax year where applicable. 1.For a-d, determine the total depreciation amount for 2017 assuming the taxpayer opted out of Sec. 179 and bonus if they were available in the year of purchase. In addition, assume all taxpayers use a calendar year tax period and that the property mentioned was the only property purchased in the year of acquisition. (20 points total, 5 points each) Details at purchaseTotal depreciation aA bank purchased a new building for its headquarters, totaling \$2 million on April 1, 2014. bA dentist purchased 10 new chairs and a couch for it waiting room, which cost \$3,000 on October 15, 2017. cA restaurant purchased booths and chairs totaling \$15,000 on November 1, 2017 and kitchen equipment costing \$4,000 on June 15, 2017. dA telemarketing company purchased a separate computer, office chair, and desk for each of its new staff on January 15, 2016. The total costs for the computers, office chairs, and desks was \$30,000, \$3,000, and \$8,000, respectively. ANSWERS:
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2.A hair salon purchases a new computer for the checkout desk on October 21, 2015 for \$1,500, which was the only property it purchased that year. The firm sells the equipment on October 3, 2017. Assume the firm always opts out of Sec. 179 and bonus if available and uses a calendar year tax period. How much total depreciation does the firm have for the computer in 2017? (10 points)
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