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On June 1, 2014, James places in service a new automobile that cost $40,000. The car is used 60% for business and 40% for personal use. (Assume this percentage is maintained for the life of the car.) James does not take additional first-year depreciation (if available) . Determine the cost recovery deduction for 2014.
Internal Exchange
The process and activities involved in the trading of goods, services, or information within the confines of an organization, rather than with external parties.
Underrewarded
The perception or reality of receiving less compensation or recognition than what one's efforts or contributions to the organization warrant.
Restricting Output
intentionally limiting the amount of products or services produced, often to maintain high prices or ensure quality.
Ph.Ds
Terminal academic degrees awarded by universities or higher education institutions, signifying the highest level of expertise in a specific field of study.
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