an asset (not an automobile) put in service in june 2021 has a depreciable basis of $28,000 and a recovery period of 5 years. assuming bonus depreciation is used, half-year convention and no election to expense is made, what is the maximum amount of cost that can be deducted in 2021? a. $5,600 b. $14,000 c. $24,000 d. $28,000 e. $40,000

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18-10-2022
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an asset (not an automobile) put in service in june 2021 has a depreciable basis of $28,000 and a recovery period of 5 years. assuming bonus depreciation is used, half-year convention and no election to expense is made, what is the maximum amount of cost that can be deducted in 2021? a. $5,600 b. $14,000 c. $24,000 d. $28,000 e. $40,000

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mahima6824soni mahima6824soni · Answer 1 · 2022-10-28T14:25:10+02:00

The maximum amount of cost that can be deducted in 2021 is $28,000. The correct option is d.

What is depreciation?

Depreciation is a technique for methodically lowering a fixed asset's recorded cost until the asset's value is zero.

The difference between the purchase price and installation costs of an asset that can be depreciated and its salvage value is the asset's depreciable value.

There are several ways to calculate depreciation, but the straight-line method is the most popular and straightforward.

The maximum amount of cost that can be deducted is the full amount of $28,000.

Thus, the maximum amount of cost is d. $28,000.

To learn more about depreciation, refer to the below link:

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