Form 4562 Because Fields of Flowers is a corporation, it reports depreciationon Form 4562. The corporation enters the total depreciation deduction($4,724.07) for the property placed in service before 1999 on line 17in Part III. accommodation in GentThe delivery truck has seating only for the driver. It is notlisted property. If it were listed property, its depreciation wouldhave been reported on page 2 of Form 4562. The corporation reports the depreciation for the computer on line15(b) in Part II. It uses GDS for this property and applies amid-quarter convention. It enters "MQ" in column (e) to show themid-quarter convention is applied and "200DB" in column (f) toshow they are using the 200% declining balance method. It enters thedepreciation deduction of $750 in column (g). The corporation reports the depreciation for the file cabinets andthe store counters on line 16(a). They have an ADS recovery period andclass life assigned to them in the Table of Class Lives andRecovery Periods Kranjska Gora hostelin Appendix B. Because they have two differentclass lives and neither is 12 years or 40 years, the corporation liststhem on a separate schedule (not shown here). It enters thedepreciation deduction of $43.80 in column (g). The van is listed property. The corporation reports thedepreciation for it on page 2 of Form 4562. Fields of Flowers hastaxable income of $25,389. It elects to take a section 179 deductionof $19,000 on the van. The van weighs over 6,000 pounds. It is not apassenger automobile for the limits discussed under Special Rulesfor Passenger Automobiles, earlier. The corporation reduces the cost of the van by the amount of thesection 179 deduction. It enters "5" in column (f) to show therecovery period in years and "200DB" and "MQ" in column (g)to show they are using the 200% declining balance method and that theyare applying the mid-quarter convention. It enters the depreciationdeduction of $290 in column (h) and the section 179 deduction of$19,000 in column (i). The corporation enters the amount from line 26 on line 20 and theamount from line 27 on line 7. It completes Part I to determine itsallowable section 179 deduction. It adds the amounts on lines 12,15(b), 16(a), 17, and 20 and enters the total $24,807.87 on line 21.It rounds the total to $24,808 and enters it on the depreciation lineof its tax return.