Flax, LLC Purchased Only One Asset This Year

question 64

Short Answer

Flax, LLC purchased only one asset this year. Flax placed in service a computer (5-year property) on January 16 with a basis of $14,000. Calculate the maximum depreciation expense (ignoring §179 and bonus depreciation).

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Definitions:

Internal-Stable

A term related to attribution theory, indicating a belief that one's behavior or event outcome is due to personal factors that are consistent over time.

External-Unstable

Characteristics of attributions referring to causes outside oneself that are variable and can change over time.

Self-Fulfilling Prophesy

A prediction that directly or indirectly causes itself to become true, due to the positive feedback between belief and behavior.

Discrimination

The unjust or prejudicial treatment of different categories of people, especially on the grounds of race, age, sex, or disability.