Problemmary purchased a new business asset five-year asset, Ask an Expert

Accounting

Problem

Mary purchased a new business asset (five-year asset) on September 30, 2015, at a cost of $100,000. On October 4, 2016, Mary placed the asset in service. This was the only asset Mary placed in service in 2016. Mary did not elect § 179 or additional first-year depreciation if available.

Determine the cost recovery for 2016 for the asset.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92751501

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