Question
Mary purchased new medical equipment on June 14, 2020 for $40,000. She will take Sec. 179 depreciation for $10,000, but will not take the 100%
Mary purchased new medical equipment on June 14, 2020 for $40,000. She will take Sec. 179 depreciation for $10,000, but will not take the 100% bonus depreciation. The medical equipment is 5 year property.
She has $10,000 of furniture(7 year property) which was purchased on February 1, 2019.
Auto: 10,000 business miles, 1,000 for parking and tolls
Business is eligible for the Qualified Business Income Deduction.
Solve for business income deduction and cost recovery deduction as given for 2019 and 2020.
Step by Step Solution
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Step: 1
QBI deduction 2019 10000 2020 0 The Qualified Business Income deduction is only available for equipm...
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Financial management theory and practice
Authors: Eugene F. Brigham and Michael C. Ehrhardt
12th Edition
978-0030243998, 30243998, 324422695, 978-0324422696
