Bonnie purchased a new business asset (five-year property) on March 10,2016,at a cost of $30,000.She also purchased a new business asset (seven-year property) on November 20,2016,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 2016 for these assets.
A) $5,858
B) $7,464
C) $9,586
D) $19,429
E) None of the above
Correct Answer:
Verified
Q22: The amortization period for $58,000 of startup
Q29: Cost depletion is determined by multiplying the
Q41: On June 1 of the current year,
Q42: White Company acquires a new machine (seven-year
Q43: Alice purchased office furniture on September 20,2015,for
Q44: Cora purchased a hotel building on May
Q45: Doug purchased a new factory building on
Q48: Barry purchased a used business asset (seven-year
Q49: Hazel purchased a new business asset (five-year
Q52: Howard's business is raising and harvesting peaches.On
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents