Question
17) On 15 August 2019, ABC LLC sold furniture (seven-year property) it had placed in service on 1 November 2017. The furniture was the only
17) On 15 August 2019, ABC LLC sold furniture (seven-year property) it had placed in service on 1 November 2017. The furniture was the only asset placed in service during 2017 and had an initial basis of $7,000. Further, ABC did not elect 179 expensing and elected out of bonus depreciation (no 179 or bonus). Determine the depreciation deduction for 2019, the year of sale.
FOR THE TAX YEAR 2019
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
13th edition
978-1-119-4110, 1119411483, 9781119411017, 978-1119411482
