[startupcfo]

I’m going through Sim #40, which mentions office supplies and personal computers.

How would I go about in finding the IRC section that would support the following rationale?

Office furniture is classified as 7-year property; the depreciation expense for the first year is $4,287, which is $30,000 × 14.29%.
Personal computers are classified as 5-year property; the depreciation expense for the first year is $2,400, which is $12,000 × 20%.

BEC - 87 | 02/28
REG - 70 | 06/10, REMATCH | 08/30
AUD - XX | 09/10
FAR - XX | 12/10

[.]

You should just memorize the 5 year and 7 year classes. And residential vs nonresidential real property. I'm pretty sure they will give you the MACRS tables if you need them to answer a question.

https://www.accountingtools.com/questions-and-answers/what-is-macrs-depreciation.html

FAR - June 2016 - 88
REG - July 2016 - 89
AUD - Aug 2016 - review phase currently
BEC - Sep 2016 -

Wiley CPA Excel & Ninja MCQ

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