Kyle Drives a Race Car in His Spare Time and on Weekends

question 81

Multiple Choice

Kyle drives a race car in his spare time and on weekends. His records regarding this activity reflect the following information for the year. What is the allowable deduction (before any AGI limitation) for depreciation assuming that this activity is not engaged in for profit and Kyle can itemize his deductions?

• A)$0
• B)$300
• C)$1,400
• D)$1,700

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Definitions:

Abbot Suger

A French abbot of the 12th century known for his role in developing Gothic architecture, especially through his work on the Basilica of St. Denis.

Giorgio Vasari

An Italian painter, architect, and writer known for his biographies of Renaissance artists in "The Lives of the Most Excellent Painters, Sculptors, and Architects."

Louis IX

Louis IX, known as Saint Louis, was King of France from 1226 until his death in 1270 and is the only French king canonized in the Catholic Church.

Contrapposto

The disposition of the human figure in which one part is turned in opposition to another part (usually hips and legs one way, shoulders and chest another), creating a counterpositioning of the body about its central axis. Sometimes called “weight shift” because the weight of the body tends to be thrown to one foot, creating tension on one side and relaxation on the other.