Helen purchased a new business asset (seven-year property) and placed it into service on January 3, 2021.

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Helen purchased a new business asset (seven-year property) and placed it into service on January 3, 2021. She does not elect 179 and elects out of any additional (bonus) depreciation. The cost of the asset was $30,000. She did not elect the straight-line method.

a. What is her MARCS depreciation deduction for this asset in 2021?

b. Helen sells the asset on July 10, 2022. What is her depreciation deduction in 2022?

Posted Date: May 31, 2024 01:06 PM

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Helen purchased a new business asset (seven-year property) and placed it into service on January 3, 2021.

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