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Determine the total cost recovery deduction

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Reference no: EM132578254

Question - In May of 2019, taxpayer acquires and places in service machinery (seven-year property) with an initial basis of $2,670,000. Taxpayer places no other property into service during the year and has net income before deductions of $20 million dollars. Assume the taxpayer elects not to deduction bonus depreciation. Determine the total cost recovery deduction including section 179 immediate expensing and MACRS depreciation the taxpayer may deduct for 2019.

a) $2,670,000

b) $1,255,785

c) $484,395

d) $1,152,933

Reference no: EM132578254

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