Euclid acquires a 7-year class asset on May 9, 2019, for $80,000 (the only asset acquired during

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Euclid acquires a 7-year class asset on May 9, 2019, for $80,000 (the only asset acquired during the year). Euclid does not elect immediate expensing under § 179. She does not claim any available additional first-year depreciation. Calculate Euclid’s cost recovery deduction for 2019 and 2020.

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South-Western Federal Taxation 2020 Comprehensive

ISBN: 9780357109144

43rd Edition

Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman

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