Question
James purchased a new business asset (three-year personalty) on July 23, 2020, at a cost of $40,000. James takes additional first-year depreciation but does not
James purchased a new business asset (three-year personalty) on July 23, 2020, 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 2020.
a.$26,666
b.$8,333
c.$33,333
d.$40,000
Self employed individuals report their income and expenses on Schedule ___
Answer: fill in the blank 1
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Digging For Disclosure Tactics For Protecting Your Firms Assets From Swindlers, Scammers, And Imposters
Authors: Kenneth S. Springer, Joelle Scott
1st Edition
0131385569, 9780131385566
