In 2021, Peter Quill had a 5 179 deduction carryover of $40,000. In 2022, Peter elected $ 179 for an asset adquired at a cost of $120,000. Peter's $ 179 business income Imitation for 2022 is $130.000. Determine Peter's 5 179 deduction for 2022 O a $25,000 Ob$115.000 Oc$130,000 Od $140,000

In 2021, Peter Quill had a 5 179 deduction carryover of $40,000. In 2022, Peter elected $ 179 for an asset adquired at a cost of $120,000. Peter's $ 179 business income Imitation for 2022 is $130.000. Determine Peter's 5 179 deduction for 2022 O a $25,000 Ob$115.000 Oc$130,000 Od $140,000

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter10: Cost Recovery On Property: Depreciation, Depletion, And Amortization

Section: Chapter Questions

Problem 27P

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In 2021, Peter Quill had a 5 179 deduction carryover of $40,000. In 2022, Peter elected 5 179 for an asset acquired at a cost of $120,000. Peter's $ 179 business income
imitation for 2022 is $130.000. Determine Peter's § 179 deduction for 2022
O a $25,000
Ob $115,000
Oc$130,000
Od $140,000

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