Companys deduction related to limited expensing, Financial Accounting

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In May of 2010, a business placed in service $35,000 of property eligible for limited expensing under §179. 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.

Several years ago, a calendar year taxpayer purchased 7 year recovery property as follows.

Date: Asset Cost

May 15 Tractor $475,000

October 9 back hoe $275,000

Bonus depreciation did not apply that year and the taxpayer was above the phase out limits for §179. What was the cost recovery deduction for the back hoe in Year 3? It was sold in August of that year.


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