[giftedstudent]

ANthony purchased and paid for some display cabinets in November, 2007. They were delivered on October 15. The total cost of the cabinets was $5,000. These were the only assets that he purchased that year. Calculate the appropriate depreciation for the cabinets assuming he does not wish to use §179.

----I used MARCS method of depreciation. The Cabinets would qualify as seven-year recovery property. The depreciation for the cabinets to be stated on the 2007 taxes would be $178.50 (5000 (cost)-3.57% (Macrs seven-year, first year value).

Is this correct? Please assist