Question
In 2018, LMN LLC placed the following asset into service; it placed no other assets into service during that year. Further, LMN LLC did not
In 2018, LMN LLC placed the following asset into service; it placed no other assets into service during that year. Further, LMN LLC did not elect 179 expensing and opted out of bonus depreciation (no 179 or bonus).
On 15 February, 2019, LMN LLC sells the asset. Determine LMN LLC's 2019 depreciation deduction for this asset.
| ASSET | IN SERVICE | LIFE | COST |
|---|---|---|---|
| Phone system | 08/15/2018 | 5 | 55,000 |
a. 17600
b. 2200
c. 5500
d.8800
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Knowledge Audit A Complete Guide
Authors: The Art Of Service - Knowledge Audit Publishing
2021 Edition
1867424010, 978-1867424017
