The Dunphys provide you with the following additional information: On March 20,
ID: 2371602 • Letter: T
Question
The Dunphys provide you with the following additional information:
On March 20, Phillip moved his business out of the old offices at 1103 Allium Lane into a newly constructed and equipped office on Grove Street. Phillip sold the old office building and all its furnishings. Phillip's expenditures for the new office building are as follows:
Phillip computes his cost recovery allowance using MACRS. He would like to use the §179 immediate expensing, but he has elected to not claim any bonus depreciation. Phillip has never claimed §179 or bonus depreciation before. The assets Phillip sold on March 20 are as follows:
Phillip has never sold any assets relating to his business before this transaction.
Explanation / Answer
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