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What is the depreciable basis for the machinery

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Problem 1: In July 2020, Nicole purchased a piece of machinery to be used entirely for business. She spent a total of $1,475,000. She is taking the maximum limited expensing election on the machinery. What is the depreciable basis for the machinery going forward?

Group of answer choices

Option 1: $1,475,000

Option 2: $1,040,000

Option 3: $435,000

Option 4: $0

Reference no: EM132736666

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