Homework Answers
Answer :-
Euclid Acquires A 7-year Class Asset On May 9, 2017 for $256,400
Cost Recovery deduction for 2017 = Cost of asset × MACRS % for first year
Cost Recovery deduction for 2017 = $256,400 × 7.14% = $18,307
Cost Recovery deduction for 2018 = Cost of asset × MACRs % other Recovery years
Cost Recovery deduction for 2018 = $256,400 × 14.29% = $36,640
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