Bonnie purchased a new business asset (five-year property) on March 10, 2012, at a cost of $30,000.She also purchased a new business asset (seven-year property) on November 20, 2012, 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. Bonnies takes additional first-year depreciation. Determine the cost recovery deduction for 2012 for these assets.
A) $5,858.
B) $7,464.
C) $9,586.
D) $19,429.
E) None of the above.
Correct Answer:
Verified
Q28: For real property, the ADS convention is
Q29: Cost depletion is determined by multiplying the
Q37: A purchased trademark is a § 197
Q46: James purchased a new business asset (three-year
Q47: Which of the following assets would be
Q48: Percentage depletion enables the taxpayer to recover
Q50: The cost of a covenant not to
Q53: Barry purchased a used business asset (seven-year
Q54: Alice purchased office furniture on September 20,
Q55: The amortization period in 2012 for $4,000
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