Joe Purchased a New Five-Year Class Asset on June 1,2011

question 109

Essay

Joe purchased a new five-year class asset on June 1,2011.The asset is listed property (not an automobile).It was used 55% for business and 45% for the production of income.The asset cost $1,000,000.Joe made the § 179 election.Joe's taxable income would not create a limitation for purposes of the § 179 deduction.Joe elects not to take additional first-year depreciation.Determine Joe's total cost recovery (including the § 179 deduction)for the year.

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Definitions:

Aggregation

The process of combining multiple pieces of data, typically to provide a summary or to analyze trends.

Psychological Assessments

The process of administering and interpreting psychological tests to measure aspects of an individual's mental abilities, behaviors, and personality.

Minnesota Multiphasic Personality Inventory

A widely used psychological assessment tool that evaluates a variety of mental health issues and personality traits through self-report inventory.

B Data

Observational data about a person's behavior typically gathered in a natural environment.