Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
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Category > Accounting Posted 08 Aug 2017 My Price 4.00

proprietor of a small business

44.   LO.2, 3 Olga is the proprietor of a small business. In 2015, the business’s income, before consideration of any cost recovery or § 179 deduction, is $250,000.

Olga spends $600,000 on new 7-year class assets and elects to take the § 179 deduction on them. She does not claim any available additional first-year deprecia-    tion. Olga’s cost recovery deduction for 2015, except for the cost recovery with  respect to the new 7-year assets, is $95,000. Determine Olga’s total cost recovery for 2015 with respect to the 7-year class assets and the amount of any § 179 carryfor-     ward.

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Maurice Tutor
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Status NEW Posted 08 Aug 2017 11:08 PM My Price 4.00

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