Abby Owns a Condominium in the Great Smokey Mountains

question 24

Multiple Choice

Abby owns a condominium in the Great Smokey Mountains. During the year, Abby uses the condo a total of 21 days. The condo is also rented to tourists for a total of 79 days and generates rental income of $12,500. Abby incurs the following expenses: Using the IRS method of allocating expenses, the amount of depreciation that Abby may take with respect to the rental property will be

• A)$ 5,074.
• B)$ 8,515.
• C)$ 7,900.
• D)$10,000.

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Definitions:

Jay's Treaty

A 1795 treaty between the United States and Great Britain that sought to settle outstanding issues between the two countries following the American Revolution.

American Alliance

An organization or agreement among the United States and other nations for mutual benefit, particularly in defense or political cooperation.

France

A country in Western Europe known for its rich history, culture, and contributions to art, philosophy, and science.

Virginia and Kentucky Resolutions

In 1798 and 1799, the legislatures of Kentucky and Virginia crafted political declarations asserting that the federal Alien and Sedition Acts violated the Constitution.