Question
Millie purchased a new 5-year class business asset on September 30, 2016, at a cost of $100,000. On October 4, 2016, Millie placed the asset
Millie purchased a new 5-year class business asset on September 30, 2016, at a cost of $100,000. On October 4, 2016, Millie placed the asset in service. This was the only asset Millie placed in service in 2016. Millie did not elect Section 179 or additional first-year depreciation, if available. On August 20th of 2017, Millie sold the asset. What is the cost recovery amount for 2017 for this asset?
a.$14,250
b.$19,000
c.$23,750
d.$38,000
e.None of these choices are correct.
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Fundamentals Of Taxation 2017
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone
10th Edition
978-1259575549, 1259575543, 978-1259752735
