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In May of 2021, Patrick purchased five-year listed property (not an automobile) for $30,000 and used it 70% for business. In 2022, his business
In May of 2021, Patrick purchased five-year listed property (not an automobile) for $30,000 and used it 70% for business. In 2022, his business use of the property dropped to 30%. Patrick does not elect Sec. 179 or additional first year depreciation. How much cost recovery must be recaptured in 2022?
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To calculate the cost recovery recapture for the listed property in 2022 we need to consider the cha...
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
