The key date for calculating cost recovery is the date the asset is purchased.

Name: The key date for calculating cost recovery is the date the asset is purchased.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The key date for calculating cost recovery is not the date the asset is purchased. The key date is the date the asset is placed in service or put to use in the business. This is because cost recovery is based on the useful life of the asset and the amount of time it is used in the business, not just the purchase date.

The Key Date for Calculating Cost Recovery Is the Date