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Sam Wilson purchased a new business asset (five-year personalty) on March 28, 2023, at a cost of $40,000. Sam takes additional first-year depreciation but does
Sam Wilson purchased a new business asset (five-year personalty) on March 28, 2023, at a cost of $40,000. Sam takes additional first-year depreciation but does not elect 179 expense on the asset. Determine the cost recovery deduction for 2023 a. $8,000 b. $33,600 c. $0 d. $40,000
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