He does not elect to expense any of the asset under s 179, Ask an Expert

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Jim acquires a new seven year class asset on september 20, 2009 for $60,000. he placed the asset in service on October 5, 2009. He does not elect to expense any of the asset under S 179 or elect straight line cost recovery. He elects not to take additional first year depreciation. He sells the asset on August 25, 2010 . This is the only asset he acquires in 2009. Determine jim's cost recovery in 2009 and 2010.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9413762

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