- 12 - additional depreciation in the amount of $374 for the taxable year 1992, attributable to a computer and peripherals listed on the 1991 return with a basis of $5,405, but for which no depreciation had been claimed for the 1992 taxable year. Petitioners have established the bases of assets that were placed in service in 1991. Respondent, therefore, concedes that petitioners are entitled to depreciation with respect to those assets in the amount of $2,180 for the taxable year 1992. Petitioners claimed depreciation for the 1992 taxable year with respect to six vehicles in the following amounts: Business Placed in Cost Remaining Description Use Service Basis Basis Years Method Deduction Dodge 1-Ton 100% 1/1/88 $2,500 $432 5 100 DB $173 Jeep Wagon 100 1/1/88 1,200 208 5 200 DB 83 Ford 1-Ton 100 1/1/88 2,000 346 5 200 DB 138 Chevy- C-50 100 8/6/91 2,196 1,756 5 � 200 DB 702 Dodge 3/4-Ton 100 8/10/91 4,176 3,340 5 � 200 DB 1,336 Ford F-350 100 2/15/92 6,010 6,010 5 � 200 DB 1,202 Total 3,634 The first five vehicles listed are the same five vehicles upon which petitioners claimed depreciation in 1991. The facts pertaining to petitioners' calculation of the depreciable bases of these five vehicles and petitioners' substantiation of their costs and acquisition dates are the same as those facts applicable to the 1991 taxable year. Accordingly, respondent has conceded that petitioners are entitled to depreciation relating to the Chevy C-50 and Dodge 3/4-ton in the amounts of $702 and $1,336, respectively. Petitioners' claimed depreciation with respect to the three vehicles placed in service on January 1,Page: Previous 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Next
Last modified: May 25, 2011