Alice purchased office furniture on September 20, 2022, for $100,000. On October 10, 2022, she purchased business computers for $80,000. Alice placed all of the assets in service on December 15, 2022. She did not elect to expense any of the assets under § 179, did not elect straight-line cost recovery, and did not take additional first-year depreciation. Determine the cost recovery deduction for the business assets for 2022 if these were her only capital purchases in the year.

Alice purchased office furniture on September 20, 2022, for $100,000. On October 10, 2022, she purchased business computers for $80,000. Alice placed all of the assets in service on December 15, 2022. She did not elect to expense any of the assets under § 179, did not elect straight-line cost recovery, and did not take additional first-year depreciation. Determine the cost recovery deduction for the business assets for 2022 if these were her only capital purchases in the year.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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