Question: Sid bought a new $700,000, 7-year class asset on August 2, 2014. On December 2, 2014, he purchased $160,000 of used 5-year class assets. If

Sid bought a new $700,000, 7-year class asset on August 2, 2014. On December 2, 2014, he purchased $160,000 of used 5-year class assets. If Congress reenacts additional first-year depreciation for 2014, Sid elects not to take additional first-year depreciation. If Sid elects Section 179, what is the maximum write-off for these purchases for 2014? (Points : 20)

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