Question: 1. A barn that cost $45,000 to construct is placed in service midyear as a 20-year property. What is the MACRS depreciation for year 7?
2. Kentucky Thoroughbred Farms has a racehorse that is just over 2-years old. The racehorse, a 3-year property, is being placed in service midyear with a total cost of $83,500. Use the MACRS to find the depreciation that can be taken for the horse for each year of its service.