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

question 16

Multiple Choice

James purchased a new business asset (three-year personalty) on July 23, 2019, 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 2019.

• A)$8,333
• B)$26,666
• C)$33,333
• D)$40,000

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Definitions:

Informally

In a casual or unofficial manner, outside the contexts of formal or structured settings.

Attitude-Behavior Correspondence

The degree to which an individual's attitude is reflected in their behavior.

Judgment

The ability to make considered decisions or come to sensible conclusions based on a critical assessment of facts and information.

Context

The circumstances or background that surround and give meaning to an event, statement, or idea.