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

question 4

Multiple Choice

James purchased a new business asset (three-year personalty) on July 23, 2018, 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 2018.

• A) $8,333
• B) $26,666
• C) $33,333
• D) $40,000
• E) None of the above

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Definitions:

Sexual Division

A delineation of roles and responsibilities between genders, often based on biological differences and societal norms.

Age Division

A system of categorizing individuals or societal roles based on age, often used in traditional societies for organization and rites of passage.

Economic System

The structured way in which a society or region organizes the production, distribution, and consumption of goods and services.

Organizational Arrangement

The structured setup of roles, responsibilities, and relationships within an organization, designed to achieve specific goals.