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m Lars acquired a new network system on June 5,2021 (five-year class property), for $69,000. She expects taxable income from the business will always be
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Lars acquired a new network system on June 5,2021 (five-year class property), for $69,000. She expects taxable income from the business will always be about $215,000 without regard to the 179 election. Lars will elect 179 expensing. She also acquired sevenyear property in July 2021 for $430,000. (Use Table 6A-1) Required: Determine Lars's maximum cost recovery deduction with respect to her purchases in 2021Step by Step Solution
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