Miles purchased a used piece of equipment (7-year property) in 2017 for $82.000. He did not elect tn use any Section 179 expense in the year of purchase and he elected not to use Bonus depreciation either. He uses the half-year convention for this asset. If Miles sold this asset on February 4, 2021 what is the amount of depreciation he can deduct for 2021 for this asset?

Miles purchased a used piece of equipment (7-year property) in 2017 for $82.000. He did not elect tn use any Section 179 expense in the year of purchase and he elected not to use Bonus depreciation either. He uses the half-year convention for this asset. If Miles sold this asset on February 4, 2021 what is the amount of depreciation he can deduct for 2021 for this asset?

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter8: Depreciation And Sale Of Business Property

Section: Chapter Questions

Problem 4MCQ: James purchased office equipment for his business. The equipment has a depreciable basis of $7,000...

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