Question
Kirkwood Company acquired and placed in service in 2018 $400,000 of 5-year assets, $400,000 of 7-year assets, and $400,000 of 15-year assets. The company's taxable
Kirkwood Company acquired and placed in service in 2018 $400,000 of 5-year assets, $400,000 of 7-year assets, and $400,000 of 15-year assets. The company's taxable income for 2018 before any Section 179 deduction was $ 2 million.
If Kirkwood Company does not elect first-year bonus depreciation, what is Kirkwood Company's maximum cost recovery deduction for the assets in 2018?
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Federal Taxation 2021 Corporations, Partnerships, Estates & Trusts
Authors: Timothy J. Rupert, Kenneth E. Anderson, David S. Hulse
34th Edition
0135919460, 978-0135919460
