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Barry purchased a used business asset (seven-year property) on September 30, 2011, at a cost of $200,000. This is the only asset he purchased during the year. Barry did not elect to expense any of the asset under 179, nor did he elect straight-line cost recovery. Barry sold the asset on July 17, 2012. Determine the cost recovery deduction for 2012.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M966797

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