17. Don placed in service $20,000 of office furniture on March 1, 2019 and elected to expense the entire amount under Sec. 179. In 2020 the furniture is converted to nonbusiness use. What amount of ordinary income must Don recognize in 2020 (if any)? a. $20,000 b. $ 1,429 c. $ 2,858 d. $17,142 e. None of the answers provided is correct.
17. Don placed in service $20,000 of office furniture on March 1, 2019 and elected to expense the entire amount under Sec. 179. In 2020 the furniture is converted to nonbusiness use. What amount of ordinary income must Don recognize in 2020 (if any)? a. $20,000 b. $ 1,429 c. $ 2,858 d. $17,142 e. None of the answers provided is correct.
Chapter8: Depreciation And Sale Of Business Property
Section: Chapter Questions
Problem 7MCQ: On July 20,2019, Kelli purchases office equipment at a cost of $12,000. Kelli elects out of bonus...
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![17. Don placed in service $20,000 of office furniture on March 1, 2019 and elected to expense the entire
amount under Sec. 179. In 2020 the furniture is converted to nonbusiness use. What amount of ordinary
income must Don recognize in 2020 (if any)?
a. $20,000
b. $ 1,429
c. $ 2,858
d. $17,142
e. None of the answers provided is correct.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fecb2c579-055d-4557-bac0-5d422a9f5c6f%2F616b8b68-0b44-4bab-91ab-eb8b3fdccafd%2Fuslwh3p_processed.jpeg&w=3840&q=75)
Transcribed Image Text:17. Don placed in service $20,000 of office furniture on March 1, 2019 and elected to expense the entire
amount under Sec. 179. In 2020 the furniture is converted to nonbusiness use. What amount of ordinary
income must Don recognize in 2020 (if any)?
a. $20,000
b. $ 1,429
c. $ 2,858
d. $17,142
e. None of the answers provided is correct.
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