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On May 5, 2013, Dan purchased and placed in service a 7-year class asset costing $720,000.
Compute the maximum deductions that Dan can claim with respect to this asset in 2013 and 2014.
Note: If required round your intermediate computations and final answers to the nearest dollar.
Dan's total cost recovery deduction for 2013 is $.
Dan's total cost recovery deduction for 2014 is $.
Provide an analysis of the accounting for each fixed asset item using US GAAP and IFRS. Assume the Company uses straight-line depreciation for all its fixed assets and takes a full year of depreciation in the year of the addition.
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