Diana acquires, for $65,000, and places in service a 5-year class asset on December 19, 2023. It is the only asset that Diana acquires during 2023. Diana does not elect immediate expensing under § 179. She elects additional first-year deprecation. Click here to access the depreciation table to use for this problem. Calculate Diana's total cost recovery deduction for 2023.
Diana acquires, for $65,000, and places in service a 5-year class asset on December 19, 2023. It is the only asset that Diana acquires during 2023. Diana does not elect immediate expensing under § 179. She elects additional first-year deprecation. Click here to access the depreciation table to use for this problem. Calculate Diana's total cost recovery deduction for 2023.
Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion
Section: Chapter Questions
Problem 22CE
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Transcribed Image Text:Exercise 8-23 (LO. 2, 3)
Diana acquires, for $65,000, and places in service a 5-year class asset on December 19, 2023. It is the only
asset that Diana acquires during 2023. Diana does not elect immediate expensing under § 179. She elects
additional first-year deprecation.
Click here to access the depreciation table to use for this problem.
Calculate Diana's total cost recovery deduction for 2023.
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