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Terra Corporation, a calendar-year taxpayer, purchases and places into service machinery with a 5-year life that cost $65,000. The mid-quarter convention does not apply. Terra
Terra Corporation, a calendar-year taxpayer, purchases and places into service machinery with a 5-year life that cost $65,000. The mid-quarter convention does not apply. Terra elects to depreciate the $25,000under Sec. 179. Terra's taxable income for the year before Sec.179 deduction is $700,000. What is Terra's total depreciation deduction related to this property?
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