Steve Corp Bought a $925,000 Apartment Building in 2012

question 44

Multiple Choice

Steve Corp bought a $925,000 apartment building in 2012.Of the purchase price,$100,000 is allocated to the value of the land.What is the maximum amount of depreciation that the company can claim in 2013 year 2) for the building?

• A)$29,997
• B)$825,000 under the election to expense business property
• C)$250,000 under the election to expense business property
• D)$82,500
• E)You cannot depreciate property costing over $800,000

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Definitions:

Repression

A defense mechanism where distressing thoughts and memories are unconsciously kept out of consciousness.

Unconscious

The part of the mind that is inaccessible to the conscious mind but that affects behavior and emotions.

Testable Hypotheses

Propositions or predictions that are formulated to be rigorously tested and validated through empirical observation and experimentation.

False Consensus Effect

The cognitive bias whereby individuals overestimate the extent to which their beliefs, values, attitudes, or opinions are shared by others.