Rustin bought used 7-year class property on may 15 2014 for, Ask an Expert

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Rustin bought used, 7-year class property on May 15, 2014, for $500,000. Rustin elects Section 179 and straight-line cost recovery. Rustin's taxable income would not create a limitation for purposes of the Section 179 deduction. If Congress reenacts additional first-year depreciation for 2011, Rustin elects not to take additional first-year depreciation. Determine the write-off Rustin can take in 2014. (Points : 20)

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91795416

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