Hello, Please show answer step by step with calculations. The answer is not 1,331,000. Thank...
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Hello, Please show answer step by step with calculations. The answer is not 1,331,000. Thank you
Blue operates a restaurant in Chicago. In March 2023, Blue invested in a new interior heating and cooling system as well as a new interior fire alarm system to its existing commercial property. The total purchase price for these improvements is $1,418,000. Assume that Blue has taxable income before Section 179 of $1,331,000. What is Blue's total cost recovery in 2023, assuming it elects Section 179 but does not use bonus depreciation? Total cost recovery $
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