Barry Purchased a Used Business Asset (Seven-Year Property) on September

question 55

Multiple Choice

Barry purchased a used business asset (seven-year property) on September 30, 2012, at a cost of $200,000.This is the only asset he purchased during the year.Barry did not elect to expense any of the asset under § 179, nor did he elect straight-line cost recovery.Barry sold the asset on July 17, 2013.Determine the cost recovery deduction for 2013.

• A)$19,133.
• B)$24,490.
• C)$34,438.
• D)$55,100.
• E)None of the above.

---

Definitions:

1969

The year notable for significant events in history such as the first human landing on the Moon by Apollo 11 and the Woodstock music festival.

DSL Modems

Devices that connect computers to the internet via telephone lines, allowing for digital data transmission.

Voice Telephones

Telecommunication devices that transmit and receive sound, most commonly voice, across distances.

Coaxial Cable

A type of electrical cable consisting of a central conductor surrounded by an insulating layer and an outer conducting shield, used for transmitting television, internet, and other data signals.