Greta,a calendar-year taxpayer,acquires 5-year tangible personal property in 2014 and places the property in service on the following schedule:
Greta elects to expense the maximum under Section 179,and selects the property placed into service on November 8.Her business 's taxable income before section 179 is $190,000.What is the total cost recovery deduction (depreciation and Sec.179)for 2014?
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q42: All of the following are true with
Q78: Lincoln purchases nonresidential real property costing $300,000
Q80: In July of 2014,Pat acquired a new
Q81: On May 1,2008,Empire Properties Corp.,a calendar year
Q82: On June 30,2014,Temika purchased office furniture (7-year
Q85: Mehmet,a calendar-year taxpayer,acquires 5-year tangible personal property
Q86: Stellar Corporation purchased all of the assets
Q87: During the year 2014,a calendar year taxpayer,Marvelous
Q88: In January of 2014,Brett purchased a Porsche
Q93: Bert,a self-employed attorney,is considering either purchasing or
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