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James purchased a new business asset (three-year property) on July 23, 2009, at a cost of $50,000. He did not elect to expense any of the asset under § 179, nor did he elect straight-line cost recovery. Determine the cost recovery deduction for 2009.
A) $8,333.
B) $16,665.
C) $33,333.
D) $41,665.
E) None of the above.
Corporate fraud has become a hot topic in the accounting profession for the last several years. When conducting an audit, an auditor may encounter some corporate fraud.
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