Hamlet acquires a 7-year class asset on November 23, 2021, for $100,000 (the only asset acquired during

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Hamlet acquires a 7-year class asset on November 23, 2021, for $100,000 (the only asset acquired during the year). Hamlet does not elect immediate expensing under § 179. He does not claim any available additional first-year depreciation. Calculate Hamlet’s cost recovery deductions for 2021 and 2022.

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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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