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Hazel purchased and placed into service a new business asset (five-year property) on November 30, 2014, at a cost of $100,000. This was the only
Hazel purchased and placed into service a new business asset (five-year property) on November 30, 2014, at a cost of $100,000. This was the only asset acquired by Hazel during 2014. She did not elect to expense any of the asset cost under section 179, nor did she elect straight-line cost recovery. Hazel did elect not to take additional first-year depreciation. Determine the cost recovery for 2014.
$3,570. | ||
$5,000. | ||
$14,290. | ||
$20,000. | ||
None of the above. |
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