Basocs of additional first-year depreciation

Reference no: EM13145260

Audra acquires the following new five-year class property in 2010:

Asset Acquisition Date Cost
A January 10 $106,000
B July 5 $70,000
C November 15 $250,000
Total $426,000

Audra elects section 179 for asset C. Audra's taxable income from her business would not create a limitation for purposes of the section 179 deduction. Audra elects not to take additional first-year depreciation. Determine her total cost recovery deduction (including section 179 deduction) for the year.

Reference no: EM13145260

Questions Cloud

What is the outside temperature in k : A helium-filled balloon has a volume of 2.75 L at 17 C. The volume of the balloon decreases to 2.36 L after it is placed outside on a cold day. What is the outside temperature in K?

Economic domain of culture to be base or core of culture : The second key part of the anthropological perspective is holism, the idea that all the parts of a culture are integrated. However, anthropology considers the economic domain of culture to be the “base” or “core” of the culture.

What are the tax consequences of choosing the lower down pay : What are the tax consequences of choosing the lower down payment and larger note option, assuming he has no other installment receivables?

Efficient project management : Organizational support and openness to such research should help paving the way forward to a successful execution in terms of interviews and survey. Organization support concurrence to run scurvies, interviews and questionnaires.

Basocs of additional first-year depreciation : Audra elects section 179 for asset C. Audra's taxable income from her business would not create a limitation for purposes of the section 179 deduction. Audra elects not to take additional first-year depreciation. Determine her total cost recovery ..

What are three required conditions for contingent liability : what are the three required conditions for a contingent liability to exist? What is one contingency that an auditor would be concerned with and how would the auditor become aware of this contingency?

What were the human impacts due to the oil spill : Due to the world's reliance on oil, there have been many oil spills in recent history during the transport of oil from its point of origin to its destination.

State and local tax provisions : What are the pros and cons of the following state and local tax provisions? Be sure to include any related information regarding these types of taxes.

What must auditors do to meet their obligations : what must auditors do to meet their obligations under professional auditing standards related to the observation of inventory?

User Account

All Pages