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Euclid acquires a 7-year class asset on May 9, 2021, for $82,500 (the only asset acquired during the year). Euclid does not elect immediate expensing
Euclid acquires a 7-year class asset on May 9, 2021, for $82,500 (the only asset acquired during the year). Euclid does not elect immediate expensing under 179. He does not claim any available additional first-year depreciation.
If required, round your answers to the nearest dollar.
Calculate Euclid's cost recovery deduction for 2021 and 2022.
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