Solved

Pat Purchased a Used Five-Year Class Asset on March 15

Question 49

Multiple Choice

Pat purchased a used five-year class asset on March 15, 2019, for $60,000.He did not elect § 179 expensing. Determine the cost recovery deduction for 2019 for earnings and profits purposes.


A) $2,000
B) $3,000
C) $6,000
D) $12,000

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q44: The factor for determining the cost recovery

Q45: An election to use straight-line under ADS

Q46: The cost recovery basis for property converted

Q47: Assets that do not have a determinable

Q48: Lindsey purchased a uranium interest for $10,000,000

Q50: On June 1, 2019, Norm leases a

Q51: Motel buildings have a cost recovery period

Q52: On July 15, 2019, Mavis paid $275,000

Q53: A major objective of MACRS is to:<br>A)Reduce

Q54: Discuss the tax implications of a seller