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Jones purchased a used business asset (seven-year property) on September 30, 2014, at a cost of $220,000. He did not purchased any other assets during
Jones purchased a used business asset (seven-year property) on September 30, 2014, at a cost of $220,000. He did not purchased any other assets during 2014. Jones did not elect any Section 179 depreciation nor did he elect straight-line cost recovery. Jones sold the asset on July 15, 2015. Determine the cost recovery for 2015.
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