The Only Asset Bill Purchased During 2018 Was a New

question 9

Multiple Choice

The only asset Bill purchased during 2018 was a new seven-year class asset. The asset, which was listed property, was acquired on June 17 at a cost of $50,000. The asset was used 40% for business, 30% for the production of income, and the rest of the time for personal use. Bill always elects to expense the maximum amount under § 179 whenever it is applicable. The net income from the business before the § 179 deduction is $100,000. Determine Bill's maximum deduction with respect to the property for 2018.

• A) $1,428
• B) $2,499
• C) $26,749
• D) $33,375
• E) None of the above

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Definitions:

Nuclear Family

A family unit that consists of parents (both mother and father) and their biological or adopted children, living together in one household.

Macro Family

A larger grouping of languages that are believed to be genetically related, encompassing smaller language families under a shared ancestry.

Exceptional Family

A family that has unique needs or circumstances, often related to healthcare, developmental, or educational considerations.

Prosocial Behaviors

Actions intended to benefit others, including behaviors like sharing, helping, and comforting others.