Grady did not elect to expense any of the asset under sect, Ask an Expert

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Grady purchased a business asset (three-year property) on November 15, 2005, at a cost of $60,000. This is the only asset he purchased during the year. Grady did not elect to expense any of the asset under § 179, nor did he elect straight-line cost recovery. Grady sold the asset on May 13, 2006. Determine the cost recovery deduction for 2006.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M969447

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