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In November 2010, Sheldon, a calendar-year taxpayer, purchased office equipment (5-year property) for $600,000. The property was immediately placed into service (and is being used exclusively in Sheldon's extremely profitable business). No other personal property will be purchased by Sheldon in 2010. Sheldon wants to take the largest possible tax deduction in 2010 relating to the equipment. Compute the largest tax deduction possible in 2010 for the equipment (consider the Section 179 election, Bonus Depreciation, and MACRS):
a. $120,000b. $500,000c. $557,143d. $600,000
Please explain, identify, and justify effective funding strategies in the following areas:
Storm paid no installation charges under the monthly payment plan but a $200 installation charge would have been incurred with a cash purchase. The amount to be capitalized as the cost of the machine on October 31, 2010 would be ?
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The probability of throwing any two numbers on a die - say, either a 1 or a 2 - on a single throw is one chance out of three, or 33%.
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