The only asset Bill purchased during 2021 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 2021. Ⓒ$2,499 Ob $26,749 Oe $33,375 04 $1,428

The only asset Bill purchased during 2021 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 2021. Ⓒ$2,499 Ob $26,749 Oe $33,375 04 $1,428

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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