On June 17, 2021, Tom bought listed property (10-year class) for $50,000. Heused it 35% personally, 40% for business and 25%for royalty income. He would takethe maximum §179 deduction he is allowed. Hisbusiness earned $100,000 this yearbefore §179. What is Tom's cost recovery deductionfor 2021I'm not sure on how to get the equation on this oncan you show your work? Thanks!

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une 17, 2021, Tom bought listed property (10- class) for $50,000. He it 35% personally, 40% for business and 25% •yalty income. He would take naximum §179 deduction he is allowed. His ess earned $100,000 this year e §179. What is Tom's cost recovery deduction 021 ot sure on how to get the equation on this on

une 17, 2021, Tom bought listed property (10- class) for $50,000. He it 35% personally, 40% for business and 25% •yalty income. He would take naximum §179 deduction he is allowed. His ess earned $100,000 this year e §179. What is Tom's cost recovery deduction 021 ot sure on how to get the equation on this on

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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