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

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Joe purchased a new five-year class asset on June 1, 2017. 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:

Homologous Chromosomes

Pairs of chromosomes in a diploid organism that are similar in shape, size, and genetic content, one inherited from each parent.

Prophase I

The first stage of meiosis I where homologous chromosomes pair up and exchange genetic material through recombination.

Chiasma

An X-shaped site in a tetrad usually marking the location where homologous (nonsister) chromatids previously crossed over.

Crossing-Over

A process in which genetic material (DNA) is exchanged between paired, homologous chromosomes.

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