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I need help for the following question: In 2020, Wally Corporation purchased two 7-year assets: Asset 1: $1,260,000 cost basis placed into service in February
I need help for the following question:
In 2020, Wally Corporation purchased two 7-year assets:
- Asset 1: $1,260,000 cost basis placed into service in February
- Asset 2: $1,240,000 cost basis placed into services in November.
Wally elects $1,020,000 of Section 179 expense (he does not elect bonus depreciation). Calculate Wallys total depreciation deduction for 2020 under each of the following assumptions:
- Wally elects the $1,020,000 Section 179 option on Asset 1.
- Wally elects the $1,020,000 Section 179 option on Asset 2.
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