What is the cost recovery deduction, Financial Accounting

Tim purchased a used office building on May 15, 2001, for $2,000,000. $500,000 of the purchase price was allocated to the land. On November 1, 2010 the building was sold. What is the cost recovery deduction for the year of the sale?

In May of 2010, a business placed in service $35,000 of property eligible for limited expensing under ยง179. Line 13 of Form 4562 for 2009 was $15,000. Net income before cost recovery is $57,500. What is the company's deduction related to limited expensing for 2010? I am looking for the line 12 amount on Form 4562.

Posted Date: 3/25/2013 2:47:24 AM | Location : United States







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