| Pub. 225, Farmer's Tax Guide |
2004 Tax Year |
This is archived information that pertains only to the 2004 Tax Year. If you
are looking for information for the current tax year, go to the Tax Prep Help Area.
Form 4562 Depreciation and Amortization 2004. Summary: This is an example of Form 4562 (2004) with items included as described in the text. Additionally, these line items
were filled
out:
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“Name(s) shown on return” field contains WALTER A. & JANE W. BROWN
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“Business or activity to which this form relates” field contains FARMING
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“Identifying number” field contains 543-00-2111
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Under
“Part I: Election To Expense Certain Tangible Property Under Section 179”:
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“1. Maximum amount. See page 2 of the instructions for a higher limit for certain businesses” field contains $102,000
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“3. Threshold cost of section 179 property before reduction in limitation” field contains $410,000
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“4. Reduction in limitation. Subtract line 3 from line 2. If zero or less, enter 0” field contains 0
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“5. Dollar limitation for tax year. Subtract line 4 from line 1. If zero or less, enter 0. If married filing separately, see
page 2 of the
instructions” field contains 102,000
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“8. Total elected cost of section 179 property. Add amounts in column (c), lines 6 and 7” field contains 102,000
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“9. Tentative deduction. Enter the smaller of line 5 or line 8” field contains 102,000
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“10. Carryover of disallowed deduction from line 13 of your 2003 Form 4562” field contains 0
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“13. Carryover of disallowed deduction to 2005. Add lines 9 and 10, less line 12” field contains 0
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Under
“Part II: Special Depreciation Allowance and Other Depreciation”:
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“14. Special depreciation allowance for qualified property (other than listed property) placed in service during the tax year
(see page 3 of
the instructions)” field contains 31,454
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Under
“Part III: MACRS Depreciation (Do not include listed property.) (See page 4 of the instructions.)”:
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“17. MACRS deductions for assets placed in service in tax years beginning before 2004”field contains
2,708
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Under
“Section B--Assets Placed in Service During 2004 Tax Year Using the General Depreciation System”:
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“19c. 7-year property”
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“(c) Basis for depreciation (business/investment use only--see instructions)” field contains 1,864
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“(d) Recovery period” field contains 7
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“(e) Convention” field contains HY
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“(f) Method” field contains 150DB
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“(g) Depreciation deduction” field contains 200
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“19d. 10-year property”
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“(c) Basis for depreciation (business/investment use only--see instructions)” field contains 28,250
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“(d) Recovery period” field contains 10
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“(e) Convention” field contains HY
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“(f) Method” field contains 150DB
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“(g) Depreciation deduction” field contains 2,119
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“19f. 20-year property”
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“(c) Basis for depreciation (business/investment use only--see instructions)” field contains 650
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“(d) Recovery period” field contains 20
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“(e) Convention” field contains HY
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“(f) Method” field contains 150DB
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“(g) Depreciation deduction” field contains 24
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“Part IV Summary”:
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“21. Listed property. Enter amount from line 28”field contains 2,244
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“22. Total. Add amounts from line 12, lines 14 through 17, lines 19 and 20 in column (g), and line 21.” field contains
24
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