Rustin bought used 7year class property on May 15 2017 for 5

Rustin bought used, 7-year class property on May 15, 2017, for $520,000. Rustin elects Section 179. Rustin\'s taxable income would not create a limitation for purposes of the Section 179 deduction. Rustin elects not to take additional first-year depreciation. Determine the write-off Rustin can take in 2017.

Solution:

§ 179 expense election	500,000
Cost recovery [($520,000 – $500,000) × .0714 (Table 8.3)]	1428
Total deduction 2017	501,428

$Rustin bought used, 7-year class property on May 15, 2017, for $520,000. Rustin elects Section 179. Rustin\'s taxable income would not create a limitation for p$

Rustin bought used 7year class property on May 15 2017 for 5

Solution

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