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Rustin Bought Used 7-Year Class Property on May 15,2010,for $500,000

Question 63

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Rustin bought used 7-year class property on May 15,2010,for $500,000.Rustin elects § 179 and straight-line cost recovery.Rustin's taxable income would not create a limitation for purposes of the § 179 deduction.If Congress reenacts additional first-year depreciation for 2010,Rustin elects not to take additional first-year depreciation.Determine the write-off Rustin can take in 2010.

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