Business, 24.02.2020 16:58 bellam302

Drew Corporation purchased machinery costing $825,000 in 2018. Drew paid $5,000 for installation and testing of the machinery. Under a special election, Drew expensed $500,000 of the cost of the machinery in 2018. Drew also deducted depreciation on the machinery of $46,443 in 2018 and $79,593 in 2019. Drew's repair and maintenance costs on the machinery were $10,200 in 2018 and $13,300 in 2019. What is Drew Corporation's adjusted basis in the machinery at the end of 2019?

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Drew Corporation purchased machinery costing $825,000 in 2018. Drew paid $5,000 for installation and...

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