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Greta, a calendar-year taxpayer, acquires 5-year tangible personal property in 2010 and places the ...

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Greta, a calendar-year taxpayer, acquires 5-year tangible personal property in 2010 and places the ...

Greta, a calendar-year taxpayer, acquires 5-year tangible personal property in 2010 and places the property in service on the following schedule:

Date placed in service   Acquisition Cost
January 15   $ 80,000
May 25   $300,000
November 8   $258,000

Greta elects to expense the maximum under Section 179, and selects the property placed into service on November 8. Her business 's taxable income before section 179 is $400,000. What is the total cost recovery deduction (depreciation and Sec. 179) for 2010?

Textbook

Prentice Hall's Federal Taxation: 2011: Individuals

Edition: 14^th

Authors: Pope, Anderson, Kramer

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Prentice Hall's Federal Taxation by Kramer

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We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer

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