Claim: The following information was derived from an example of the Modified Accelerated Cost Recovery System (MACRS) where you bought business office furniture only to be used for the business (7-year property) for $10,000 and placed it into service on 10-13-13, and Part I of the way to figure the answer is to use the GDS, put the property class as 7-year, date placed in service would be 10-13-13 with a recovery period of 7 years, a method and convention of 200%/DB/Half-year and to use the depreciation rate from tables of 1429.
Evidence: You bought office furniture (7-year property) for $10,000 and placed it in service on October 13, 2013. 1. MACRS system (GDS or ADS) GDS 2. Property class 7-year 3. Date placed in service 10/13/13 4. Recovery period 7-Year 5. Method and convention 200�/Half-Year 6. Depreciation rate (from tables) .1429