Question
3. Sam the Butcher acquires the following new five-year class property in 2019. Use $1,020,000 as the maximum 179 amount: Asset Acquisition Date Cost A
3. Sam the Butcher acquires the following new five-year class property in 2019. Use $1,020,000 as the maximum 179 amount:
| Asset | Acquisition Date | Cost |
| A | January 10 | $625,000 |
| B | July 16 | 400,000 |
| C | November 20 | 795,000 |
|
|
|
|
Sam elects 179 for Asset B first and then Asset C. Sams taxable income from the butcher shop would not create a limitation for purposes of the 179 deduction. Sam elects not to take the additional first-year depreciation.
- Determine Sams depreciation deduction for each asset for 2019.
- Determine Sams total depreciation deduction for 2019.
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Auditing and Assurance Services Understanding the Integrated Audit
Authors: Karen L. Hooks
1st edition
471726346, 978-0471726340
