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Business, 09.12.2021 04:20 picklehead7272

On July 20, 2020, Kelli purchases office equipment at a cost of $24,000. Kelli elects out of bonus depreciation but makes the election to expense for 2020. She is self-employed as an attorney, and, in 2020, her business has a net income of $12,000 before considering this election to expense. Kelli has no other income or expenses for the year. What is the maximum amount that Kelli may deduct for 2020 under the election to expense, assuming she elects to expense the entire $24,000 purchase

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On July 20, 2020, Kelli purchases office equipment at a cost of $24,000. Kelli elects out of bonus d...
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