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quiz 8 - Skip navigation links <#endNav> INDIVIDUAL...

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Sheet1 Page 1 Skip navigation links <#endNav> INDIVIDUAL TAXATION: SUMMER 2010 (201105-ACCT-185-4922) </bin/common/course.pl?course_id=_27241_1> > QUIZZES & EXAMS </webapps/blackboard/content/listContent.jsp?course_id=_27241_1&content_id=_549264_1&mode=reset> > REVIEW ASSESSMENT: QUIZ 8: COST RECOVERY End navigation links Review Assessment: Quiz 8: Cost Recovery User Maureen Waweru Submitted 6/28/10 1:34 PM Name Quiz 8: Cost Recovery Status Completed Score 3 out of 5 points Instructions Question 1 text Question 1 0 out of 1 points Incorrect Bonnie purchased new business equipment (five-year property) on March 10, 2010 at a cost of $350,000. She elected to expense the maximum allowed under § 179. Determine her *total* cost recovery deduction for 2010. Question 1 answers Selected Answer: Incorrect d. $310,000.00 Correct Answer: Correct b. $270,000.00 Feedback: Since asset was acquired in March, mid-year convention applies. Cost of Asset $350,000 - §179 Expense Allowance (250,000) Net Cost 100,000 x .20 (MACRS, Table 8-1) 20,000 Total Cost Recovery: $250,000 (§179) + 20,000 (MACRS) = *$270,000* Question 2 text Question 2 1 out of 1 points
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