Olga is the proprietor of a small business. In 2020 the business's...

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# Olga is the proprietor of a small business. In 2020 the business's...

Olga is the proprietor of a small business. In 2020 the business's income, before consideration of any cost recovery or 179 deduction is 250,000. Olga spends 620,000 on new 7 year class assets and elects to take the 179 deduction on them. She does not claim any available additional first year deprecation. Olgas cost recovery deduction for 2020, except for the cost recovery with respect to the new 7 year assets is 95,000. Determine Olgas total cost recovery for 2020 with respect to the 7 year class assets and the amount of any section 179 carry foward.

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10,000 step-by-step explanations

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## Step-by-step explanation

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