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Peter purchased, and immediately placed in service, a used truck for use in his trucking business at a cost of $525,000 on September 30, 2014.

Peter purchased, and immediately placed in service, a used truck for use in his trucking business at a cost of $525,000 on September 30, 2014. How much is Peter's maximum cost recovery (i.e. depreciation) deduction for 2014 with respect to this truck?

a. $525,000

b. $505,000

c. $515,000

d. $105,000

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