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Augie purchased one new asset during the year (five-year property) on November 10, 2019, at a cost of $660,000. She would like to use the § 179 election and will also take additional first-year depreciation. The income from the business before the cost recovery deduction and the § 179 deduction was $600,000. Determine the maximum cost recovery deduction available on this asset for 2019.

Respuesta :

TomShelby

Answer:

$600,000

Explanation:

adquisition 660,000

but income for the period is 600,000

According to the law, you can only deduct as far as it does not exceed the taxable income

AKA until making the net income equal to zero.

You can generate an income tax benefit for using the § 179

The remaining 60,000 can be carry-over to next year if the requirement is met.

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