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:

Olfactory Receptors

Specialized nerve cells located in the nasal cavity that are responsible for the detection of odor molecules, contributing to the sense of smell.

Papillae

Small, nipple-like structures on the tongue where taste buds reside, playing a key role in the sense of taste.

Taste Buds

Small sensory organs found on the tongue, capable of detecting the five types of tastes: sweet, sour, salty, bitter, and umami.

Microvilli

Small, finger-like projections from the surface of some cells which increase the surface area for absorption or secretion.