Sutton Inc. acquired a 10 year asset to which the half year convention applied. This was...
Sutton Inc. acquired a 10 year asset to which the half year convention applied. This was the only asset the company placed in service during the year. The taxpayer elected out of Section 179 expense deduction and additional depreciation. Neither the straight-line method nor the 150% declining balance method was elected. The cost of $10,000. What is the depreciation for the first year? A. $250, B. $1,000, C. $1,750, D. $2,000
Homework Answers
Answer:
Depreciation for the first year = $ 10,000 x 10%
= $1000
B is the answer
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