Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Dong purchased one new asset during the year ( 5 year property ) on November 15, 2017, at a cost of $1,000,000. She made the
Dong purchased one new asset during the year ( 5 year property ) on November 15, 2017, at a cost of $1,000,000. She made the section 179 election. He elected not to use the additional first year deprecition. The income from the business before the section 179 deduction was $775000. Determine the total deductions with respect to the asset for 2017.
a. 255000
b. 98000
c. 490000
d. 534000
e. some other amount________
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started