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

question 94

Multiple Choice

James purchased a new business asset (three-year personalty) on July 23, 2017, 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 2017.

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

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