Olga is the proprietor of a small business. In 2017, the business's income, before consideration of any
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Olga is the proprietor of a small business. In 2017, the business's income, before consideration of any cost recovery or § 179 deduction, is $250,000.
Olga spends $610,000 on new 7-year class assets and elects to take the § 179 deduction on them. She does not claim any available additional first-year depreciation. Olga's cost recovery deduction for 2017, except for the cost recovery with respect to the new 7-year assets, is $95,000. Determine Olga's total cost recovery for 2017 with respect to the 7-year class assets and the amount of any § 179 carry-forward?
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Related Book For
South Western Federal Taxation 2018 Essentials Of Taxation Individuals And Business Entities
ISBN: 9781337386173
21st Edition
Authors: William A. Raabe, James C. Young, Annette Nellen, David M. Maloney
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