Robles Enterprises, a trucking company, purchased the following during 2019:

New long-haul trucks costing $2,080,000, purchased September 23, 2020.

• How much is the maximum cost recovery deduction for 2019?
• Assuming they claimed the maximum in 2020, how much is deductible in 2023?
• Assuming the trucks were sold for $975,000 on September 23, 2023, how much is the 2023 cost recovery deduction?
• Answer the above questions if Brookins elects out of bonus depreciation and does not elect under §179.

President’s used vehicle (2018 Subaru Ascent, an SUV weighing 6,001 pounds) costing $26,500.

• How much is the maximum cost recovery deduction for 2020, assuming the owners have adequate net income?
• Assuming they claimed the maximum in 2020, how much is deductible in 2022?

Nonresidential real estate purchased for $875,000 ($165,000 assigned to land); placed in service May 18, 2020. How much is deductible in 2020? How much for 2029? How much for 2030 if the real estate is sold on January 2, 2030?

Robles purchased a competing business in April 2019, including $537,500 allocated to goodwill. How much is deductible in 2020?

Answer rating: 100% (QA)

Assuming that the truck ing company is a C corporation the maximum cost recovery deduction for 2019 is 2 080 000 The maximum cost recovery deduction f... View the full answer