The Only Asset Bill Purchased During 2019 Was a New

question 2

Multiple Choice

The only asset Bill purchased during 2019 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 2019.

• A)$1,428
• B)$2,499
• C)$26,749
• D)$33,375

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Definitions:

Account Representative

A professional tasked with managing and maintaining the relationship between a company and its clients or customers.

Core Principles

Fundamental beliefs or values that serve as the foundation for an individual's actions or an organization's policies.

Midas Touch

A metaphorical expression stemming from Greek mythology, describing the ability to succeed or turn everything one touches into a success.

Manipulation

The act of influencing or controlling someone or something to one's advantage, often in an unfair or deceitful way.