Tonia acquires the following 5-year class property in 2019: Asset Date of Acquisition Cost X January 15 $ 70,000 Y May 28 45,000 Z November 23 90,000 Total $ 205,000 Tonia does not elect §179 or bonus depreciation. Tonia has $300,000 of taxable income from her business. Determine her total cost recovery deduction for the year.
Tonia acquires the following 5-year class property in 2019: Asset Date of Acquisition Cost X January 15 $ 70,000 Y May 28 45,000 Z November 23 90,000 Total $ 205,000 Tonia does not elect §179 or bonus depreciation. Tonia has $300,000 of taxable income from her business. Determine her total cost recovery deduction for the year.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Tonia acquires the following 5-year class property in 2019:
Asset | Date of Acquisition | Cost | ||||
X | January 15 | $ | 70,000 | |||
Y | May 28 | 45,000 | ||||
Z | November 23 | 90,000 | ||||
Total | $ | 205,000 | ||||
Tonia does not elect §179 or bonus
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