Olga is the proprietor of a small business. In 2015, the business's income, before consideration...
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Olga is the proprietor of a small business. In 2015, the business's income, before consideration of any cost recovery or 179 deduction,is $250,000. Olga spends $600,000 on new 7-year class assets and elects to take the 179 deduction on them. She does not claim any available additional first-year depreciation. Olga;s cost recovery deduction for 2015, except for the cost recover with respect to the new 7-year assets, is $95,000. Determine Olga's total cost recovery for 2015 with respect to the 7-year class assets and the amount of any 179 carry forward.
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