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  3. on may 31, 2021, javier sanchez purchased and plac

On May 31, 2021, Javier Sanchez purchased and placed in service a new 7-year ciass...

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Accounting

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On May 31, 2021, Javier Sanchez purchased and placed in service a new 7-year ciass asset costing $393,200 for use in his landscaping business, which he operates as a single member LLC (Sanchez Landscaping LlC). Rather than using bonus depreciation, Javier would tike to use $179 to expense $200,000 of this asset and then use regular MACRS to cost recover the remaining cost. During 2021, his business generated a net income of $471,840 before any 179 immedlate expense election. If required round your intermediate computations and final answers to the nearest dollar. Click here to access the depreciation table to use for this problem. a. Determine the cost recovery deductions (including first-year additional depreciation) that Javier Sanchez can caim with respect to this asset in 2021 and 2022. Total cost recovery deduction in 2021: $ Total cost recovery deduction in 2022: 5

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