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I got answer $6,572 and it was incorrect. Please help Carlos purchased a new business asset (five-year property) on February 10, 2021, at a cost
I got answer $6,572 and it was incorrect. Please help
Carlos purchased a new business asset (five-year property) on February 10, 2021, at a cost of $20,000. He also purchased a new business asset (seven-year property) on October 15, 2021, at a cost of $18,000. Carlos did not elect to expense either of the assets under $179 and did not elect straight-line cost recovery. He did, however, elect to take the maximum allowable additional first-year depreciation. Determine the cost recovery deduction for 2021 for these assets. $0 $9,586 $21,915 $38,000 $6,572Step by Step Solution
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