Conner purchased a new laser cutting machine for her business (seven-year asset) on September 22, 2019, at a cost of $150,000. On November 12, 2019, she placed the machine in service. This was the only asset she placed in service in 2019. Conner did not elect § 179 or additional first-year depreciation. On March 4, 2022, Conner sold the asset. Determine the cost recovery for 2022 for the asset.

Conner purchased a new laser cutting machine for her business (seven-year asset) on September 22, 2019, at a cost of $150,000. On November 12, 2019, she placed the machine in service. This was the only asset she placed in service in 2019. Conner did not elect § 179 or additional first-year depreciation. On March 4, 2022, Conner sold the asset. Determine the cost recovery for 2022 for the asset.

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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