George Purchases Used Seven-Year Class Property at a Cost of $200,000

question 87

Multiple Choice

George purchases used seven-year class property at a cost of $200,000 on April 20,2011.Determine George's cost recovery deduction for 2011 for alternative minimum tax purposes,assuming George does not elect § 179 and the maximum cost recovery deduction is taken for regular income tax purposes.

• A) $2,500.
• B) $10,000.
• C) $14,280.
• D) $28,580.
• E) None of the above.

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Capital Contribution

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Manages Business

The process of organizing, planning, directing, and controlling the resources and operations of a business to achieve its goals and objectives.

Partnership Agreement

A partnership agreement is a legal document that outlines the rights, responsibilities, and obligations of each partner in a business partnership.

Automatic Termination

A provision within a contract that automatically ends the contract under certain predefined conditions without the need for a notice.