Question: (15 points) Sid bought a new $1,320,000 seven-year class asset on August 2, 2020. On December 2, 2020, he purchased $800,000 of used five-year class

(15 points) Sid bought a new $1,320,000 seven-year class asset on August 2, 2020. On December 2, 2020, he purchased $800,000 of used five-year class assets. If Sid elects 179 of 1,040,000 (maximum ceiling amount in 2020) and does not take additional first-year depreciation, what is the maximum cost recovery deduction for these purchases for 2020? (MACRs Tables are at the end of the exam)

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