Question: Lars acquired a new network system on June 5, 2022 (five-year class property), for $55,000. She expects taxable income from the business will always be

Lars acquired a new network system on June 5, 2022 (five-year class property), for $55,000. She expects taxable income from the business will always be about $145,000 without regard to the 179 election. Lars will elect 179 expensing. She also acquired seven-year property in July 2022 for $290,000.

Required:

Determine Larss maximum cost recovery deduction with respect to her purchases in 2022.

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To determine Larss maximum cost recovery deduction with respect to her purchases in 2022 well follow these steps 1 Section 179 Election Determine the ... View full answer

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