James Purchased a New Business Asset (Three-Year Personalty) on July

Multiple Choice

James purchased a new business asset (three-year personalty) on July 23, 2012, at a cost of $40,000.James takes additional first-year depreciation Determine the cost recovery deduction for 2012.

A) $8,333.
B) $26,666.
C) $33,333.
D) $41,665.
E) None of the above.