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PROBLEM 5
Taxpayer purchased the following business assets in 20X7 tax year.
Acquisition
Asset Date Cost Life Convention Months of MACRS
F 3/02 955,000 7 ______ _______
G 6/29 675,000 3 ______ _______
H 10/02 1,025,000 5 ______ _______
Building 3/25 5,690,000 ____ ______ _______
Apartment 1/03 950,000 ____ ______ _______
Trademark 9/29 76,500 ____ ______ _______
A. Fill in the blanks above.
B. What would be the maximum §179 deduction available to the taxpayer?
On which asset(s) should it be taken?
C. Provide the cost recovery for each of the following: building and trademark?
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