Enrico Is a Self-Employed Electrician

question 43

Multiple Choice

Enrico is a self-employed electrician.In May of the current year,Enrico acquired a used van (5-year property) for $12,000.He used the van 30% for business.The maximum depreciation deduction for is

• A)$360.
• B)$720.
• C)$2,400.
• D)$1,980.

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Definitions:

Quantum Meruit

A legal principle meaning "as much as he has deserved," allowing a person to recover reasonable compensation for services or goods provided when no contract exists, or where a contract exists but precise amounts are not specified.

Relied Promise

This term does not correspond to standard legal or contractual terminology and may not be a real key term. NO.

Quantum Meruit

A Latin phrase meaning “what one has earned,” used in law to determine the amount to be paid for services rendered when no contract exists or when a contract is unenforceable.

Common Law

A legal system based on custom and court rulings rather than written laws.