Question
On June 17, 2021, Tom bought listed property (10-year class) for $50,000. He used it 35% personally, 40% for business and 25% for royalty income.
On June 17, 2021, Tom bought listed property (10-year class) for $50,000. He used it 35% personally, 40% for business and 25% for royalty income. He would take the maximum 179 deduction he is allowed. His business earned $100,000 this year before 179. What is Toms cost recovery deduction for 2021
I'm not sure on how to get the equation on this on can you show your work? Thanks!
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
9th Edition
125972266X, 9781259722660
