Grady purchased a business asset (three-year property) on November 15, 2008 at a cost of $60,000. This is the only asset he purchased during the year. Grady did not elect to expense any of the assets under §179 and he did not elect straight-line cost recovery. Grady sold the asset on May 13, 2009. Determine the cost recovery deduction for 2009.

Answer rating: 100% (QA)

Cost Recovery Methods Depreciation Amortization and Depletion ... View the full answer