Fred acquires their only business asset for the year, a 7-ye…

Fred acquires their only business asset for the year, a 7-year class asset for $300,000, on March 1. Fred does not elect immediate expensing under §179 nor any additional first-year depreciation. What is Fred’s cost recovery deduction for the year. Round your final calculation to the nearest dollar.

Eric Inc. began operations on June 1 of this year and incurr…

Eric Inc. began operations on June 1 of this year and incurred the following costs in its initial year of business: Legal fees to draft the corporate charter = $18,000 Accounting fees to set up accounting system = $36,000 Salaries = $8,000 which began in June Rent = $6,000 which began in June How much can they include as a deduction for start up costs this year? Round ONLY your final answer to the dollar.

Swift Corporation acquired $3,250,000 worth of qualifying as…

Swift Corporation acquired $3,250,000 worth of qualifying assets in the current year. Assuming they claim no bonus depreciation, what is the maximum amount of §179 expense that Swift can elect to claim in the current year? Round your final calculation to the nearest dollar.