Question
On April 5, 2022, Orange Corporation purchased and placed in service 7-year class assets costing $1,150,000 and 5-year class assets costing $140,000. Orange elects to
On April 5, 2022, Orange Corporation purchased and placed in service 7-year class assets costing $1,150,000 and 5-year class assets costing $140,000. Orange elects to expense the maximum amount under § 179. Orange does not take additional first-year depreciation. Assume taxable income is not a limitation.
Determine Orange’s maximum cost recovery with respect to the assets for 2022
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Federal Taxation 2020 Comprehensive
Authors: Timothy J. Rupert, Kenneth E. Anderson, David S. Hulse
33rd Edition
0135196272, 978-0135196274
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