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

question 4

Multiple Choice

James purchased a new business asset (three-year personalty) on July 23, 2018, at a cost of $40,000. James takes additional first-year depreciation but does not elect Section 179 expense on the asset. Determine the cost recovery deduction for 2018.

• A) $8,333
• B) $26,666
• C) $33,333
• D) $40,000
• E) None of the above

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Definitions:

Leadership Positions

Roles or titles within an organization that hold responsibility for guiding, directing, and influencing others.

Glass Ceiling

An unofficial barrier to advancement in a profession, especially affecting women and members of minorities.

Hostile Working Environment

A workplace where harassment and unwelcome conduct make it difficult for employees to work effectively.

Sexual Harassment

Unwelcome sexual advances, requests for sexual favors, and other verbal or physical conduct of a sexual nature in a workplace or other professional or social situation.