Essay
Nancy purchased a computer on July 15,2016,for $5,000.The computer was used 70% of the time in her business and the rest of the time her children used the computer to surf the Web.In 2017,the computer was used 40% for business and 60% for personal use.What are the cost recovery deductions for 2016 and 2017? No §179 or bonus).Is there any recapture of depreciation in 2017?
Correct Answer:
Verified
Cost recovery for 2016 is $700 [$5,000 ×...View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q8: Fines paid that are ordinary and necessary
Q9: Sole proprietors must pay self-employment tax on
Q26: A sole proprietor's trade or business income
Q31: During 2016,Regina,a sole proprietor,had the following income
Q33: On November 30,2016,Constance purchased an apartment building
Q34: If an activity is considered a hobby,which
Q36: Della purchased a warehouse on February 25,2016,for
Q39: Marion drives 20 miles a day from
Q53: When business property is lost in a
Q55: Once the more-than-50% business-use test is met