Reenacts additional first-year depreciation, Accounting Basics

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Reenacts additional first-year depreciation

Norm purchases a new sports utility vehicle (SUV) on October 12, 2010, for $50,000. The SUV has a gross vehicle weight of 6,200 lbs. It is used 100% of the time for business and it is the only business asset acquired by Norm during 2010. Compute the maximum deduction with respect to the SUV for 2010. If Congress reenacts additional first-year depreciation for 2010, Norm elects not to take additional first-year depreciation.

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Accounting Basics: Reenacts additional first-year depreciation

Reference No:- TGS076599

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Accounting Basics: Reenacts additional first-year depreciation

Reference No:- TGS076599

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Accounting Basics: Reenacts additional first-year depreciation

Reference No:- TGS076599

Recent Questions Asked Accounting Basics

Q : Tax consequences of the partnership formation

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