Rustin Bought Used 7-Year Class Property on May 15,2010,for $500,000

question 63

Essay

Rustin bought used 7-year class property on May 15,2010,for $500,000.Rustin elects § 179 and straight-line cost recovery.Rustin's taxable income would not create a limitation for purposes of the § 179 deduction.If Congress reenacts additional first-year depreciation for 2010,Rustin elects not to take additional first-year depreciation.Determine the write-off Rustin can take in 2010.

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Definitions:

Implementing Phase

The stage in a project or strategy where planned actions are executed.

SWOT Analysis

A strategic planning tool used to identify the Strengths, Weaknesses, Opportunities, and Threats related to business competition or project planning.

External Environment

Factors outside an organization that can influence its operation, including economic, political, social, technological, and legal factors.

Situation Analysis

Second step in a marketing plan; uses a SWOT analysis that assesses both the internal environment with regard to its Strengths and Weaknesses and the external environment in terms of its Opportunities and Threats.