On may 19 2010 kim placed in service a light van that cost, Ask an Expert

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On May 19, 2010, Kim placed in service a LIGHT VAN that cost $54,850. It is used 80% for business each year. What is the maximum cost recovery deduction available for the van in 2011 (year 2)? Kim has taxable income of $875,000 before the cost recovery deductions are deducted.

Howard has W2 wages of $1,275,000 and has generated income and losses from gambling as follows:

Year Income Losses

2009 45,000 150,000

2010 137,000 128,000

How much of the gambling losses (after all limitations) can be deducted in 2010?

For AGI________ From AGI_________ Carryover_________

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M9531821

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