Jim acquires a new seven-year class asset on September 20,2016,for $80,000.He placed the asset in service on October 5,2016.He does not elect to expense any of the asset under § 179 or elect straight-line,cost recovery.He takes additional first-year depreciation.He sells the asset on August 25,2017.This is the only asset he acquires in 2016.Determine Jim's cost recovery in 2016 and 2017.

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The Answer of Jim acquires a new seven-year class asset on September 20,2016,for $80,000.He placed the asset in service on October 5,2016.He does not elect to expense any of the asset under § 179 or elect straight-line,cost recovery.He takes additional first-year depreciation.He sells the asset on August 25,2017.This is the only asset he acquires in 2016.Determine Jim's cost recovery in 2016 and 2017.

Jim Acquires a New Seven-Year Class Asset on September 20,2016,for