A business purchases a five-year asset for $1,000 that qualifies for the new 100 percent special depreciation
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A business purchases a five-year asset for $1,000 that qualifies for the new 100 percent special depreciation allowance for property acquired after September 27, 2017. It is placed in service in early 2018 and used 60 percent for business. In 2018, the taxpayer takes a deduction for $600. In the second year, the asset is used 100 percent for business. What is the depreciation deduction for the second year?
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The Tax Cuts and Jobs Act of 2017 increased bonus deprecia...View the full answer
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