Jenna acquires a new seven-year class asset on September 20, 2018, for $80,000. She placed the asset in service on October 5, 2018. She does not elect to expense any of the asset under § 179 or elect straight-line, cost recovery. She takes additional first-year depreciation. She sells the asset on August 25, 2019. This is the only asset she acquires in 2018. Determine Jenna's cost recovery in 2018 and 2019.

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The Answer of Jenna acquires a new seven-year class asset on September 20, 2018, for $80,000. She placed the asset in service on October 5, 2018. She does not elect to expense any of the asset under § 179 or elect straight-line, cost recovery. She takes additional first-year depreciation. She sells the asset on August 25, 2019. This is the only asset she acquires in 2018. Determine Jenna's cost recovery in 2018 and 2019.

Jenna Acquires a New Seven-Year Class Asset on September 20