Arturo owns a business that he operates as a sole proprietor. In 2022, Arturo's business...
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Arturo owns a business that he operates as a sole proprietor. In 2022, Arturo's business has $1,700,000 of Business Net Income before consideration of any cost recovery. Arturo elects to take 179 expense and 60% additional first-year (bonus) depreciation. Using good form, determine Arturo's total cost recovery for 2022 under each of the following scenarios. Show each expense amount that is included in the total cost recovery amount, in addition to the total cost recovery amount. Show all your computations using good form.
a. The company spends $1,480,000 on new 5-year class equipment in 2022.
b. The company spends $2,980,000 on new 5-year class equipment in 2022.
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