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a) $500,000 b) $1,160,000 c) $1,428,000 d) $2,285,600

a) $500,000 b) $1,160,000 c) $1,428,000 d) $2,285,600

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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8. During 2023, Phoenix purchased 5-year tangible personal property totaling $2,500,000. The half-year convention applies for 2023. Phoenix would like to claim the maximum amount of depreciation possible. What is the maximum depreciation deduction for the year assuming he has sufficient taxable income and his deduction is not limited? a) $500,000 b) $1,160,000 c) $1,428,000 d) $2,285,600
Transcribed Image Text:8. During 2023, Phoenix purchased 5-year tangible personal property totaling $2,500,000. The half-year convention applies for 2023. Phoenix would like to claim the maximum amount of depreciation possible. What is the maximum depreciation deduction for the year assuming he has sufficient taxable income and his deduction is not limited? a) $500,000 b) $1,160,000 c) $1,428,000 d) $2,285,600
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