Question
Norm purchases a new sports utility vehicle (SUV) on October 12, 2014, for $50,000. The SUV has a gross vehicle weight of 6,200 lbs. It
Norm purchases a new sports utility vehicle (SUV) on October 12, 2014, for $50,000. The SUV has a gross vehicle weight of 6,200 lbs. It is used 100% of the time for business and it is the only business asset acquired by Norm during 2014. Compute the maximum deduction with respect to the SUV for 2014. If Congress reenacts additional first-year depreciation for 2014, Norm elects not to take additional first-year depreciation.
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Financial Accounting
Authors: Robert F. Meigs, Jan R. Williams, Susan F Haka, Mark S. Bettner
10th Edition
0072316373, 978-0072316377
