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Anne acquires a new office machine (7 yr property) on October 10, 2021 for $1,000,000. This is the only asset Anne acquired during the
Anne acquires a new office machine (7 yr property) on October 10, 2021 for $1,000,000. This is the only asset Anne acquired during the year. Show all work and explain your answers thoroughly using complete sentences. a. What is your advice to her regarding the three options for tax depreciation? Evaluate all three options and then based on your results, which option would you recommend she claim for depreciation (cost recovery) on the tax return? b. Would your answer in part a change if you learned that before taking into consideration the depreciation Anne had a net business loss of $200,000?
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