At the beginning of its 2016 tax year, Hiram owned the following business assets: On July 8,
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At the beginning of its 2016 tax year, Hiram owned the following business assets:
On July 8, Hiram sold its equipment. On August 18, it purchased and placed in service new tools costing $589,000; these tools are three-year recovery property. These were Hiram’s only capital transactions for the year. Compute Hiram’s cost recovery deduction for 2016. In making your computation, assume that taxable income before depreciation exceeds $1,500,000.
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Principles Of Taxation For Business And Investment Planning 2017
ISBN: 9781259753015
20th Edition
Authors: Sally M. Jones, Shelley C. Rhoades Catanach, Sandra R. Callaghan
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