In July of 2014,Pat Acquired a New Automobile for $28,000

question 86

Multiple Choice

In July of 2014,Pat acquired a new automobile for $28,000 and used the automobile 80% for business.No election is made regarding Sec.179.Assuming her business use remains at 80%,Pat can take a maximum depreciation deduction in 2014 of

• A)$2,528.
• B)$3,160.
• C)$5,600.
• D)$4,480.

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Definitions:

Social Security Act

Enacted in 1935, this key piece of legislation in the United States established a system of old-age benefits for workers, benefits for victims of industrial accidents, unemployment insurance, and aid for dependent mothers and children, the blind, and the physically handicapped.

Unemployment Insurance

A government program that provides temporary financial assistance to eligible workers who are unemployed through no fault of their own.

National Health Insurance

A system where the government provides or mandates insurance coverage for all citizens, often funded through taxation.

Congress of Industrial Organizations

An American federation of labor unions founded in 1938, which focused on industrial unionism and played a significant role in labor politics.