James purchased a new business asset (three-year personalty) on July 23, 2023, at a cost...
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Accounting
James purchased a new business asset (three-year personalty) on July 23, 2023, at a cost of $40,000. James takes additional first-year depreciation but does not elect Section 179 expense on the asset. Determine the cost recovery deduction for 2023.
a.$8,333
b.$26,666
c.$34,667
d.$40,000
e. None of the above
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