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Harold places a $ 5 , 0 0 0 , 5 - year asset into service in August of 2 0 2 0 ( the

Harold places a $5,000,5-year asset into service in August of 2020(the business is a
calendar year taxpayer). What is the adjusted basis of this asset as of the end of 2022
assuming 60% of the assets were put into use in November 2020 and he did not elect 179 or bonus depreciation? Please explain your answer.

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