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In March 2013, Dennis, a calendar-year taxpayer, purchased new 7-year property for $2,000,000. The property was immediately placed into service (and is being used exclusively in Dennis's extremely profitable business). No other personal property will be purchased by Dennis in 2013. Dennis wants to take the largest possible tax deduction in 2013 relating to the equipment. Compute the largest tax deduction possible in 2013 for the equipment (consider the Section 179 election, Bonus Depreciation, and MACRS, if applicable):

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M946552

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