An asset (not an automobile) put in service in June 2020 has a depreciable basis of $1,055,000, a recovery period of 5 years, and is the only asset placed in service during the year. Assuming bonus depreciation is used, a half-year convention, and the expensing election is made, what is the maximum amount of cost that can be deducted in 2020 (assume no income limitation)? a.$1,035,000 b.$1,040,000 c.$211,000 d.$500,000 e.$1,055,000

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