Total tax depreciation deduction, Accounting Basics

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Total tax depreciation deduction

On June 1, 2012, Sandalwood Corporation purchases a passenger automobile for 100 percent use in its business. The automobile is in the 5-year cost recovery class and has a basis for depreciation of $30,000. Assuming that the corporation elects the accelerated method of cost recovery for the asset and does not elect to expense any of its cost or take bonus depreciation, what is the total tax depreciation deduction for the 2012 calendar tax year (Year 1)?

Select one:

a. $3,160

b. $3,060

c. None of the above

d. $6,000

e. $4,287

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Accounting Basics: Total tax depreciation deduction

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Accounting Basics: Total tax depreciation deduction

Reference No:- TGS046079

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

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Accounting Basics: Total tax depreciation deduction

Reference No:- TGS046079

Recent Questions Asked Accounting Basics

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