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Simon purchased a personal property with a 5-year life for $100,000 Simon sells the asset after the second year for $45,000. Calculate the gain or

Simon purchased a personal property with a 5-year life for $100,000

  1. Simon sells the asset after the second year for $45,000. Calculate the gain or loss if Simon uses the depreciation method in MARCS only and MARCS&179
  2. Refer to Part A. Calculate Simons total expense (i.e., depreciation and gain or loss) if he uses the depreciation method in MARCS only and MARCS&179
  3. Why is part B correct?

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