LO.7 Olga is the proprietor of a small business. In 2018, the business's income, before consideration of

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LO.7 Olga is the proprietor of a small business. In 2018, the business's income, before consideration of any cost recovery or $ 179 deduction, is $250,000. Olga spends $620,000 on new 7-year class assets and elects to take the $ 179 deduction on them. She does not claim any available additional first-year depre- ciation. Olga's cost recovery deduction for 2018, except for the cost recovery with respect to the new 7-year assets, is $95,000. Determine Olga's total cost recov- ery for 2018 with respect to the 7-year class assets and the amount of any 179 carryforward.

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