If congress reenacts additional first-year depreciation for, Ask an Expert

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hazel purchased a new business asset (five-year property) on November 30, 2010, at a cost of $100,000. this was the only asset acquired by hazel during 2010. on january 7, 2011, hazel placed the asset in service. she did not elect to expense any of the asset cost under section 179, nor did she elect straight-line cost recovery. if congress reenacts additional first-year depreciation for 2010, hazel did elect not to take additional first-year depreciation. on october 25, 2012, hazel sold the asset. determine the cost recovery ONLY for the year 2012.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M992137

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