Becky has a small business. In 2022 she had business income of 270,000. During 2022, she purchased $50,000 of 5 year asset equipment. She elects to take $20,000 as a §179 deduction, but she elects not to take any additional first-year (Bonus) depreciation. What is Becky's cost recovery deduction (§179 plus MACRS) for 2022 in relation to these assets? Round your answer to the nearest dollar, and assume half-year convention.

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.