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Melissa, an individual, owns a business and has the following assets in servic 2021. She has never sold a $1231 asset. Melissa would like to take the 5179 d llowed, but would like to opt out of bonus depreciation. She has not taken eith he has no taxable income limitations. Recoven sset

Melissa, an individual, owns a business and has the following assets in servic 2021. She has never sold a $1231 asset. Melissa would like to take the 5179 d llowed, but would like to opt out of bonus depreciation. She has not taken eith he has no taxable income limitations. Recoven sset

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Melissa, an individual, owns a business and has the following assets in service at the end of 2021. She has never sold a $1231 asset. Melissa would like to take the $179 deduction this year if allowed, but would like to opt out of bonus depreciation. She has not taken either in previous years. She has no taxable income limitations. Asset Cost Recovery Date placed in service period Previously purchased assets: Furniture 32,000 February 2019 Land 200,000 August 2019 Industrial machine 286,000 October 2019 Apartment building 3,000,000 October 2019 Assets purchased this year: Delivery truck 310,500 January 2021 Machinery 2,470,000 7 August 2021 What is the total cost recovery for 2021?
Transcribed Image Text:Melissa, an individual, owns a business and has the following assets in service at the end of 2021. She has never sold a $1231 asset. Melissa would like to take the $179 deduction this year if allowed, but would like to opt out of bonus depreciation. She has not taken either in previous years. She has no taxable income limitations. Asset Cost Recovery Date placed in service period Previously purchased assets: Furniture 32,000 February 2019 Land 200,000 August 2019 Industrial machine 286,000 October 2019 Apartment building 3,000,000 October 2019 Assets purchased this year: Delivery truck 310,500 January 2021 Machinery 2,470,000 7 August 2021 What is the total cost recovery for 2021?
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