James purchased a new business asset (three-year personalty) on July 23, 2017, at a cost of $40,000. James takes additional first-year depreciation but does not elect Section 179 expense on the asset. Determine the cost recovery deduction for 2017.
A)$8,333
B)$26,666
C)$33,333
D)$41,665
E)None of the above

Question

Quizplus · Accepted Answer

The Answer of James purchased a new business asset (three-year personalty) on July 23, 2017, at a cost of $40,000. James takes additional first-year depreciation but does not elect Section 179 expense on the asset. Determine the cost recovery deduction for 2017.
A)$8,333
B)$26,666
C)$33,333
D)$41,665
E)None of the above

James Purchased a New Business Asset (Three-Year Personalty) on July