US Tax Research Memo

Background

Graham started his own landscaping business this year. He is interested in getting the greatest deduction he can on the capital-asset purchases he made this year. He provides you with the following list of purchases:

Item

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Date of Purchase/ Contribution

Cost

Graham’s personal contribution of riding lawnmower

5/4/xx

$5,878

FMV at contribution $4,200

New zero-turn super mower

4/7/xx

$15,989

Used backhoe

9/23/xx

$26,000

New dump truck

10/8/xx

$45,763

Used garage

11/9/xx

$78,555

New computer

7/19/xx

$3,450

Used Ford Focus

6/6/xx

$12,456 (60% business use)

Additional Information

The taxable income before any depreciation deduction for the year is $158,000.

Task

Using relevant tax laws and regulations, identify and explain the maximum depreciation deduction for Graham’s business.

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