Question
Max acquires the following new 5 year class property in 2021: Asset Acquisition Date Cost A. January 0 $ 106,000 B. July 5 70,000 C.
Max acquires the following new 5 year class property in 2021:
Asset Acquisition Date Cost
A. January 0 $ 106,000
B. July 5 70,000
C. November 15 1,950,000
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Total $ 2.126.000
Max elects Code Section 179 treatment for Asset C. His taxable income from her business would not create a limitation for purposes of the Code Section 179 deduction. Max does not claim any available additional first-year depreciation deduction. Determine his total cost recovery deduction (including the Code Section 179 deduction) for the year.
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