Answer the questions about fixed assets:Explain the differen

Answer the questions about fixed assets:Explain the differences and similarities between personal property, real property, intangible property, and natural resources. Also, provide an example of each type of asset.What is the difference in the recovery periods used by MACRS and those used under generally accepted accounting principles (GAAP)?What are the two depreciation conventions that apply to tangible personal property under MACRS?Explain each.What is Section 179? Explain the two limitations placed on the §179 deduction. What is a §197 intangible?How do taxpayers recover the costs of these intangibles?Jose purchased a delivery van for his business through an online auction. His winning bid for the van was $24,500. In addition, Jose incurred the following expenses before using the van: shipping costs of $650; paint to match the other fleet vehicles at a cost of $1,000; registration costs of $3,200 which included $3,000 of sales tax and a registration fee of $200; wash and detailing for $50; and an engine tune-up for $250. What is Jose’s cost basis for the delivery van?GMW Corporation acquired and placed in service the following assets during the year: At the beginning of the year, Winifred began a calendar-year dog boarding business called Gizzy’s’s Palace. Winifred bought and placed in service the following assets during the year: Asset Date Acquired Cost Basis Computer equipment 3/23 $5,000 Dog grooming furniture 5/12 $7,000 Pickup truck 9/17 $10,000 Commercial building 10/11 $270,000 Land (one acre) 10/11 $80,000 Assuming Winifred does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: What is Winifred’s year 1 depreciation deduction for each asset? What is Winifred’s year 2 depreciation deduction for each asset? Asset Date Acquired Cost Basis Computer equipment 2/17 $10,000 Furniture 5/12 $17,000 Commercial building 11/1 $270,000 Assuming GMW does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: What is GMW’s year 1 cost recovery for each asset? What is GMW’s year 3 cost recovery for each asset if GMW sells all of these assets on 1/23 of year 3?