Solved: Sid elects not to take additional first-year depreciation, Accounting Basics

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Sid elects not to take additional first-year depreciation

Question - Sid bought a new $700,000 seven-year class asset on August 2, 2010. On December 2, 2010, he purchased $160,000 of used five-year class assets. If Congress reenacts additional first-year depreciation for 2010, Sid elects not to take additional first-year depreciation. If Sid elects § 179, what is the maximum write-off for these purchases for 2010?

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Accounting Basics: Sid elects not to take additional first-year depreciation

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