LO 4.4 14. Carey opens a law office in Chicago on January 1, 2010. On July 1,
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LO 4.4 14. Carey opens a law office in Chicago on January 1, 2010. On July 1, 2010, Carey purchases a law library from a retiring lawyer for $10,500. The library has an estimated useful life of 7 years. Depreciation on the library is $750 for Carey in 2010. On January 1, 2010, Carey purchases an annual subscription to a law journal for $170 and a 1-year legal reference service for $1,500. Calculate Carey’s deduction for the above items for the 2010 tax year.
$ ____________
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Income Tax Fundamentals 2011
ISBN: 9780538469197
29th Edition
Authors: Gerald E. Whittenburg, Martha Altus-Buller
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