Cobly Company, a Calendar Year Taxpayer, Made Only One Asset

question 113

Multiple Choice

Cobly Company, a calendar year taxpayer, made only one asset purchase this year: machinery costing $1,932,500. The machinery is 7-year recovery property, and Cobly placed it in service on October 12. How many months of MACRS depreciation on the machinery is Cobly allowed? 

• A) Six months
• B) Two and one-half months
• C) One and one-half months
• D) None of the above

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Definitions:

Operating Objectives

Specific, short-term targets set by an organization to guide daily operations and ensure alignment with overall strategic goals.

Strategic Objectives

High-level goals that an organization sets to guide its direction and development, aligning with its mission, vision, and overarching strategies.

Corporate Objectives

The goals or targets that a corporation aims to achieve, which guide its operational and strategic decisions.

Planning Objectives

Goals set during the planning phase that outline the desired outcomes of plans and strategies.