Euclid acquires a 7-year class asset on May 9, 2021, for $80,000 (the only asset acquired during
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Euclid acquires a 7-year class asset on May 9, 2021, for $80,000 (the only asset acquired during the year). Euclid does not elect immediate expensing under § 179. She does not claim any available additional first-year depreciation. Calculate Euclid’s cost recovery deduction for 2021 and 2022.
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Related Book For
South-Western Federal Taxation 2022 Individual Income Taxes
ISBN: 9780357519073
45th Edition
Authors: James C. Young, Annette Nellen, William A. Raabe, Mark Persellin, William H. Hoffman
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