James Purchased a New Business Asset (Three-Year Personalty)on July 23,2016,at

question 100

Multiple Choice

James purchased a new business asset (three-year personalty) on July 23,2016,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 2016.

• A)$8,333
• B)$26,666
• C)$33,333
• D)$41,665
• E)None of the above

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Definitions:

Roman Empire

An ancient civilization that originated from the city of Rome, growing to become one of the largest empires in history, lasting from 27 BC to 476 AD in the West and until 1453 AD in the East (as the Byzantine Empire).

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The right of individuals to seek out and engage in activities that they find personally satisfying or joyous.

George Fitzhugh

A nineteenth-century American social theorist known for his defense of slavery as a positive good, arguing that slavery ensured the welfare and civilization of society as a whole.

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Small landowners (the majority of white families in the Old South) who farmed their own land and usually did not own slaves.