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Barry purchased a used business asset (seven-year property) on September 30, 2020, at a cost...

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Accounting

Barry purchased a used business asset (seven-year property) on September 30, 2020, at a cost of $200,000. This is the only asset he purchased during the year. Barry did not elect to expense any of the asset under 179, did not claim additional first-year depreciation, and did not elect straight-line cost recovery. Barry sold the asset on July 17, 2021. Determine the cost recovery deduction for 2021.

a.$19,133

b.$24,490

c.$34,438

d.$55,100

Becker CPA Review 9-2

Bob and Nancy are married and file a joint return in 2020. They are both under age 50 and employed, with wages of $50,000 each. Their total AGI is $110,000. Neither of them is an active participant in a qualified plan. What is the maximum traditional IRA deduction they can take for the current year?

a.$0

b.$6,000

c.$8,400

d.$12,000

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