Kris starts a new business in 2021. She purchases 7-year MACRS property costing $12,000. Her business income
Question:
Kris starts a new business in 2021. She purchases 7-year MACRS property costing $12,000. Her business income before any cost-recovery deductions is $8,000. Kris does not want to claim bonus depreciation.
a. What is the maximum cost-recovery deduction allowable for 2021?
b. How does your answer change if Kris informs you that she plans to make significant investments in personal property over the next 3 years?
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To calculate the maximum costrecovery deduction allowable for 2021 we need to use the Modified Accelerated Cost Recovery System MACRS for depreciation ...View the full answer
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Related Book For 
Concepts In Federal Taxation 2022
ISBN: 9780357515785
29th Edition
Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher
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