Bonnie purchased a new business asset (five-year property) on March 10, 2019, at a cost of $30,000.She also purchased a new business asset (seven-year property) on November 20, 2019, at a cost of $13,000.Bonnie did not elect to expense either of the assets under § 179, nor did she elect straight-line cost recovery.Bonnie takes additional first-year depreciation.Determine the cost recovery deduction for 2019 for these assets.

Question

Quizplus · Accepted Answer

The Answer of Bonnie purchased a new business asset (five-year property) on March 10, 2019, at a cost of $30,000.She also purchased a new business asset (seven-year property) on November 20, 2019, at a cost of $13,000.Bonnie did not elect to expense either of the assets under § 179, nor did she elect straight-line cost recovery.Bonnie takes additional first-year depreciation.Determine the cost recovery deduction for 2019 for these assets.

Bonnie Purchased a New Business Asset (Five-Year Property) on March