On October 2, 2018, Dave acquired and placed into service 5-year business equipment costing $70,000. No other acquisitions were made during the year. Dave does not apply Sec. 179 expensing or bonus depreciation. The depreciation for this year is
A) $0.
B) $3,500.
C) $7,000.
D) $14,000.
B) $3,500.
MACRS depreciation is $3,500 ($70,000 × .05). The equipment was placed in service during the 4th quarter and was the only personal property placed in service for the year. (Table 5 in Appendix C)
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