Jenna Acquires a New Seven-Year Class Asset on September 20

question 7

Essay

Jenna acquires a new seven-year class asset on September 20, 2018, for $80,000. She placed the asset in service on October 5, 2018. She does not elect to expense any of the asset under § 179 or elect straight-line, cost recovery. She takes additional first-year depreciation. She sells the asset on August 25, 2019. This is the only asset she acquires in 2018. Determine Jenna's cost recovery in 2018 and 2019.

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Definitions:

National Assembly

A legislative body in various countries, which can be a form of parliament or assembly with wide powers typically established during or after a revolutionary period.

Paris Parlement

The supreme court of justice in pre-revolutionary France, known for registering royal edicts and sometimes resisting the king's authority by refusing to register policies.

National Assembly

is a legislative body in various countries, and it is often the lower house of a bicameral legislature or a unicameral legislature.

Estates-General

The legislative body in pre-revolutionary France made up of representatives of the three estates: the clergy, the nobility, and the commonpeople.