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Business, 19.10.2021 01:10 hardwick744
Kemp Incorporated, a calendar year taxpayer, generated over $10 million taxable income in 2021. Kemp made one asset purchase: used manufacturing equipment costing $1,543,600. The equipment has a 7-year recovery period and was placed in service on June 14. Assuming that Kemp made the Section 179 election with respect to the equipment, compute Kemp's 2021 cost recovery deduction.
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Kemp Incorporated, a calendar year taxpayer, generated over $10 million taxable income in 2021. Kemp...
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