PROBLEM 5 Taxpayer purchased the following business assets in 20X7 tax year.

PROBLEM 5

Taxpayer purchased the following business assets in 20X7 tax year.

                                     Acquisition

  Asset                   Date             Cost           Life  Convention Months of MACRS

      F                      3/02         955,000           7    ______                                 _______           

    G                     6/29         675,000           3      ______                            _______           

        H                  10/02      1,025,000           5                ______                                   _______   

   Building              3/25      5,690,000         ____  ______                                 _______         

   Apartment           1/03         950,000         ____  ______                                 _______           

 Trademark          9/29           76,500         ____ ______ _______

A.  Fill in the blanks above.  

B.  What would be the maximum §179 deduction available to the taxpayer?

      On which asset(s) should it be taken?

C.  Provide the cost recovery for each of the following: building and trademark?