Question
James purchased a new business asset (3-year MACRS property) on July 23, 2021, at a cost of $40,000. James takes additional first-year depreciation but does
James purchased a new business asset (3-year MACRS property) on July 23, 2021, at a cost of $40,000. James takes additional first-year depreciation but does not elect 179 expense on the asset. Determine the cost recovery deduction for 2021.
A. $26,666
B. $40,000
C. $33,333
D. $8,333
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Financial Accounting The Impact On Decision Makers
Authors: Gary A. Porter, Curtis L. Norton
2nd Edition
0030270995, 978-0030270994
