Question
Lily purchased a new, business asset (five-year class) on September 30, 2018, that cost $100,000. On January 7, 2019, Lily placed the asset into service.
Lily purchased a new, business asset (five-year class) on September 30, 2018, that cost $100,000. On January 7, 2019, Lily placed the asset into service. Lily did not place any other assets into service during 2018 or 2019. In 2019 she did NOT elect to expense any of the asset cost under 179, and she did NOT elect straight-line cost recovery. Lily did elect NOT to take additional first-year depreciation. On October 25, 2020, Lily sold the asset.
Determine the cost recovery for 2020.
- A.
$26,000.
- B.
$38,000.
- C.
$9,600.
- D.
$16,000.
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The Auditors Guide Of 1869 A Review And Computer Enhancement Of Recently Discovered Old Microfilm Of Americas First Book On Auditing By H J Mettenheimer
Authors: Peter L. McMickle, Paul H. Jensen
1st Edition
0367534622, 978-0367534622
