James Purchased a New Business Asset (Three-Year Personalty) on July

question 32

Multiple Choice

James purchased a new business asset (three-year personalty) on July 23, 2012, at a cost of $40,000.James takes additional first-year depreciation Determine the cost recovery deduction for 2012.

• A)$8,333.
• B)$26,666.
• C)$33,333.
• D)$41,665.
• E)None of the above.

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Definitions:

Consistent

The quality of being steady and uniform in one's actions or beliefs over time, including in work behavior and decision-making.

Holland Code

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A supervisory role typically at summer camps, responsible for guiding, teaching, and ensuring the safety of campers.

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A challenging physical or mental activity composed of various obstacles that must be navigated or overcome, often used for training, competition, or assessment purposes.