Barry purchased a used business asset (seven-year property) on september 30, 2017, at a cost of $200,000. this is the only asset he
Barry purchased a used business asset classified as seven-year property on September 30, 2017, for a cost of $200,000. This was the only asset he acquired during the year. Barry did not elect to expense any portion of the asset under § 179, did not take additional first-year depreciation, and did not choose straight-line cost recovery. He sold the asset on July 17, 2018. What is the cost recovery deduction for 2018?
a. $19,133
b. $24,490
c. $34,438
d. $55,100
e. None of the above
3 Answers
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