Several years ago, a taxpayer purchased 7 year recovery property as follows:
May 15 - Black hoe - 475,000
Oct 9 - Tractor - 575,000
What was the cost recovery deduction for the Black Hoe in year 4?
The total amount of cost recovery for year 4 is 71,817.50 because it is a 7 year recovery property, and the percentage on ...
The solution provides the correct answer with explanation and all needed calculations to show the exact amount of the cost recovery deduction for the Black Hoe in year 4.