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Barry purchased a used business asset (seven-year property) on November 30, 2017, at a cost of 60,000. This is the only asset he purchased during
Barry purchased a used business asset (seven-year property) on November 30, 2017, at a cost of 60,000. This is the only asset he purchased during the year. barry did not elect to expense any of the asset under 179, nor did he elect straight-line cost recovery. Barry sold the asset on July 17, 2018. Determine the cost recovery deduction for 2017 & 2018.
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