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

question 111

Essay

Joe purchased a new five-year class asset on June 1, 2012.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 does not take additional first-year depreciation.Determine Joe's total cost recovery (including the § 179 deduction) for the year.

---

Definitions:

Sympathetic

Characterized by feelings of compassion or empathy towards others, often leading to supportive actions.

Transactional Model

A theoretical framework that emphasizes the dynamic exchange between individuals and their environment, often used in understanding communication processes.

Physiological Processes

The functions and activities within living organisms that contribute to their survival, including respiration, digestion, and circulation.

Hostility

Feelings of intense anger or aggression towards others, which can manifest in antagonistic actions or thoughts.