On April 5, 2022, Orange Corporation purchased and placed in service 7-year class assets costing $1,150,000 and 5-year class assets costing $140,000. Orange elects to expense the maximum amount under § 179. Orange does not take additional first-year depreciation. Assume taxable income is not a limitation. 

Determine Orange’s maximum cost recovery with respect to the assets for 2022

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To determine Orange Corporations maximum cost recovery with respect to the assets for 2022 lets cons... View the full answer