Taylor Company placed in service on May 19, 2025 machinery a…
Taylor Company placed in service on May 19, 2025 machinery and equipment (7-year property) with a basis of $3,860,000. Assume that Taylor has sufficient income to avoid any limitations. Calculate the maximum depreciation expense for 2023.Half-Year Convention Year 1: 5-year 20.00%; 7-year 14.29%. Mid-Quarter Convention Quarter 1 Year 1: 5-year 35.00%; 7-year 25.00%. Mid-Quarter Convention Quarter 2 Year 1: 5-year 25.00%; 7-year 17.85%. Mid-Quarter Convention Quarter 3 Year 1: 5-year 15.00%; 7-year 10.71%. Mid-Quarter Convention Quarter 4 Year 1: 5-year 5.00%; 7-year 3.57%