Dikembe purchases 1,000 breeding hogs for $542,000 in April 2011. Dikembe does not want to claim bonus
Question:
Dikembe purchases 1,000 breeding hogs for $542,000 in April 2011. Dikembe does not want to claim bonus depreciation.
a. What is his maximum 2011 cost-recovery deduction for the hogs?
b. Dikembe's farming operation incurs a net loss this year and probably will next year before taking the cost recovery into consideration. What should Dikembe do in regard to his cost-recovery deductions?
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a To maximize the current years cost recovery deductions for personal property the general strategy is to elect the Section 179 expense deduction and ...View the full answer
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Related Book For
Concepts In Federal Taxation
ISBN: 9780324379556
19th Edition
Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher
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