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Tom purchases a new manufacturing machine for his business on April 1, 2015 for $27,000. The machine is depreciated under MACRS with a 7-year recovery period. This maachine was his only asset acquisition of this year. Thomas elects to expense $25,000 of the cost under Section 179.

a. What is Tom’s total deprciation deduction for the machine in 2015.

b. Tom decides to sell his machine on October 5, 2017 for $10,000. Compute Tom’s depreciation deduction for 2015 through 2017. The adjusted basis of the machine on October 5, 2017, and the gain or loss on the sale. (HINT: 2017 is only 1/2 year).

Refer to the table on the right to calculate the MACRS depreciation

MACRS Percentage Rates
Recovery Period
Recovery Year 3- Year 5-Year 7-Year
1 33.33 20.00 14.29
2 44.45 32.00 24.49
3 14.81 19.20 17.49
4 7.41 11.52 12.49
5 11.52 8.93
6 5.73 8.92
7 8.93
8 4.46
a. Sec. 179 Expense
MACRS Depreciation
2015 Total
b. 2015
2016
2017
Accumulated Depreciation
Adjusted basis and gain/loss on the sale
Sale Price
Adjusted Basis
Cost
Accumulated Depreciation
Gain/Loss on sale

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