In the Current Year George, a College Photography Professor, Acquired

question 101

Multiple Choice

In the current year George, a college photography professor, acquired camera equipment (5- year property) for $1,000 and used the camera equipment 80% for teaching and creative work- related activities and the remaining 20% for personal use. The university provides camera equipment for faculty use, but George prefers his own equipment. Assuming Sec. 179 and bonus depreciation is not applied, the maximum depreciation deduction is

• A) $200.
• B) $800.
• C) $160.
• D) $0.

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Definitions:

Expulsion from the Firm

The act of formally removing a partner or member from a business or professional practice due to misconduct or breach of agreement.

Fiduciary Duty

An obligation to act in the best interest of another party, such as the relationship between a trustee and the beneficiaries of a trust.

Duty of Obedience

An obligation of directors and officers of an organization to act in accordance with the organization's purpose and within the bounds of the law.

Articles of Partnership

A written agreement between partners in a business venture, outlining the terms and conditions of their partnership.