John purchased a new business asset (five-year personalty) on July 23, 2018, at a cost of $40,000. John takes additional first-year depreciation but does not elect Section 179 expense on the asset. Determine the cost recovery deduction for 2018. $20,000 $26,666 $16,000 $40,000

John purchased a new business asset (five-year personalty) on July 23, 2018, at a cost of $40,000. John takes additional first-year depreciation but does not elect Section 179 expense on the asset. Determine the cost recovery deduction for 2018. $20,000 $26,666 $16,000 $40,000

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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$20,000

$26,666

$16,000

$40,000

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