- 13 - 1988, remains in dispute. In addition, petitioner placed in service a Ford F-350 during the 1992 taxable year. Petitioners have substantiated the $6,010 cost basis of this vehicle, and accordingly, respondent has conceded that petitioners are entitled to depreciation with respect to that vehicle in the amount of $1,202. Petitioners now contend that they used additional nonlisted vehicles in the operation of Arabian Hill, included on their 1991 returns with a basis of $7,600, for which no depreciation was claimed on their 1992 return. Petitioners now claim additional depreciation in the amount of $525 with respect to these vehicles. Petitioners placed the following assets in service during 1992: General Depreciation Recovery Property System Basis Period Method Deduction Machinery/equipment 5-yr. prop. $543 5200 DB $109 Computer & peripherals 5-yr. prop. 3155 200 DB 63 Office furniture 7-yr. prop. 1257 200 DB 18 Business library 20-yr. prop. 31120 150 DB 12 Total 202 Petitioners have substantiated their bases in these assets. Accordingly, respondent has conceded that petitioners are entitled to claimed depreciation in the amount of $202. On the basis of petitioners' concession in the amount of $155, petitioners' claim for additional depreciation in the amount of $899 ($374 for computer peripherals plus $525 forPage: Previous 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Next
Last modified: May 25, 2011