A video recording system was purchased 3 years ago at a cost of $30,000. A 5-year recovery period and MACRS depreciation have been used to write off the basis. The system is to be prematurely replaced with a trade-in value of $5000. Determine the MACRS depreciation, using the switching rules to find the difference between the book value and the trade-in value after 3 years.
What will be an ideal response?
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What will be an ideal response?
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Fill in the blank(s) with the appropriate word(s).
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What will be an ideal response?