Tax Drill $-$ Additional First$-$year Depreciation Diana acquires and places in service a $5-$year class asset, costing $$65,000,$ on December $19,2023.$ Diana does not elect immediate expensing under $179.$ She elects additional first$-$year depreciation. Click here to access the depreciation table to use for this problem. Diana's total cost recovery deduction for the asset is $ X for $2023.$Tax Drill $-$ Additional First$-$year Depreciation

Diana acquires and places in service a $5-$year class asset, costing $$65,000,$ on December $19,2023.$ Diana does not elect immediate

expensing under $179.$ She elects additional first$-$year depreciation.

Click here to access the depreciation table to use for this problem.

Diana's total cost recovery deduction for the asset is $

X for $2023.$

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Additional first$-$year depreciation $($also referred to as bonus depreciation$)$ allows taxpayers to take an additional amount of cost recovery in the

year qualified property is placed in service.