Lars acquired a new network system on June 5, 2023 (five-year class property), for $69,000. She expects taxable income from the business will always be about $215,000 without regard to the §179 election. Lars will elect §179 expensing. She also acquired seven-year property in July 2023 for $430,000. (Use Table 6A-1) Required: Determine Lars’s maximum cost recovery deduction with respect to her purchases in 2023.
Lars acquired a new network system on June 5, 2023 (five-year class property), for $69,000. She expects taxable income from the business will always be about $215,000 without regard to the §179 election. Lars will elect §179 expensing. She also acquired seven-year property in July 2023 for $430,000. (Use Table 6A-1) Required: Determine Lars’s maximum cost recovery deduction with respect to her purchases in 2023.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Lars acquired a new network system on June 5, 2023 (five-year class property), for $69,000. She expects taxable income from the business will always be about $215,000 without regard to the §179 election. Lars will elect §179 expensing. She also acquired seven-year property in July 2023 for $430,000. (Use Table 6A-1)
Required:
Determine Lars’s maximum cost recovery deduction with respect to her purchases in 2023.
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