Euclid acquires a 7-year class asset on May 9, 2022, for $80,000 (the only asset acquired during

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Euclid acquires a 7-year class asset on May 9, 2022, for $80,000 (the only asset acquired during the year). Euclid does not elect immediate expensing under § 179. She does not claim any available additional first-year depreciation. Calculate Euclid’s cost recovery deduction for 2022 and 2023.

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South Western Federal Taxation 2023 Comprehensive Volume

ISBN: 9780357719688

46th Edition

Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young

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