Sid bought a new $1,320,000 seven-year class asset on August 2, 2020 On December 2, 2020, he purchased $800,000 of used five-year class assets. If Sid elects § 179 and does not take additional first-year depreciation, what is the maximum cost recovery deduction for these purchases for 2020?
Sid bought a new $1,320,000 seven-year class asset on August 2, 2020 On December 2, 2020, he purchased $800,000 of used five-year class assets. If Sid elects § 179 and does not take additional first-year depreciation, what is the maximum cost recovery deduction for these purchases for 2020?
Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion
Section: Chapter Questions
Problem 22CE
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Sid bought a new $1,320,000 seven-year class asset on August 2, 2020 On December 2, 2020, he purchased $800,000 of used five-year class assets. If Sid elects § 179 and does not take additional first-year
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