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Calculate the deduction for the decline in value using the prime cost method of a...

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Accounting

Calculate the deduction for the decline in value using the prime cost method of a new delivery van purchased during the current income tax year by taxpayer and used solely for the purpose of producing assessable income. The van was held for the entire income tax year, and cost $55,000. It has an effective life of five years. Assume the taxpayer is not a small business taxpayer.

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