On August 20,2013,May Signed a 10-Year Lease on a Building

question 34

Essay

On August 20,2013,May signed a 10-year lease on a building for her business.On November 28,2014,May paid $80,000 for leasehold improvements to the building.She does not take additional first-year depreciation (if available)and does not elect § 179 expensing.What is May's cost recovery deduction for the improvement in 2014?

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Definitions:

Civil Religion

A concept where common religious or quasi-religious beliefs and practices unite a society, typically involving patriotic symbols, rituals, and ceremonies that have a sacred quality.

Functionalist Sociologists

study society from a functionalist perspective, focusing on how various social institutions and processes function to maintain societal stability and equilibrium.

Cultural Reforms

Changes and improvements made within a society to alter its cultural practices, norms, and institutions, often aiming at social progress.

Nuclear Family

A family unit consisting of two parents and their children living together, considered the smallest and fundamental societal group.