Eddie purchased only one asset during the current year. On May 1st Eddie placed in service furniture (seven-year property) with a basis of $26,500. Calculate the maximum depreciation deduction, rounded to the nearest whole number (ignoring §179 and bonus depreciation). (Use MACRS Table 1.)
What will be an ideal response?
$3,787.
The asset's recovery period is seven years and the half-year convention applies since less than 40 percent of the property was placed in service during the fourth quarter. The calculation is $26,500 × 0.1429 = $3,787.
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