Business
Business, 06.05.2020 03:43, lilybrok04

The only asset Bill purchased during 2019 was a new seven-year class asset. The asset, which was listed property, was acquired on June 17 at a cost of $50,000. The asset was used 40% for business, 30% for the production of income, and the rest of the time for personal use. Bill always elects to expense the maximum amount under § 179 whenever it is applicable. The net income from the business before the § 179 deduction is $100,000. Determine Bill's maximum deduction with respect to the property for 2019. a.$26,749 b.$1,428 c.$2,499 d.$33,375

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The only asset Bill purchased during 2019 was a new seven-year class asset. The asset, which was lis...

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