On June, 20, 2019, Simon Corporation (A Calendar-Year Corporation) Purchased

question 74

Multiple Choice

On June, 20, 2019, Simon Corporation (a calendar-year corporation) purchased and placed in service a new automobile costing $69,000.This vehicle is used 100% for business.Simon makes whatever elections are necessary to maximize its overall depreciation deduction for the year of acquisition. What is Simon Corporation's adjusted basis for the automobile at the end of 2021?

• A)$0
• B)$18,640
• C)$25,100
• D)$34,800

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Definitions:

M

A symbol often representing money supply in economic discussions, including various measures like M1, M2, and M3.

Q

Quantity, frequently used in economic equations and discussions to denote the amount of goods produced or consumed.

PQ

The product of price (P) and quantity (Q), often used in economics to calculate total revenue or expenditure.

P

Typically refers to "Price" in economic models, representing the monetary value assigned to a good or service in the market.