An Asset Is Placed in Service on May 15, 2019

question 23

Multiple Choice

An asset is placed in service on May 15, 2019 and has a depreciable basis of $40,000. The asset is in the 7-year recovery class and the half-year convention applies. What is the maximum depreciation deduction that may be claimed for 2019, excluding the election to expense and bonus depreciation?

• A)$2,572
• B)$5,144
• C)$5,716
• D)$25,000
• E)None of the above

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Definitions:

Trust Versus Mistrust

The first stage of Erik Erikson's theory of psychosocial development, where infants learn to trust their caregivers or develop mistrust based on the care they receive.

Concrete Operational

A stage in Piaget's theory of cognitive development (approximately age 7-12) where children gain the ability to think logically about concrete events and understand the concept of conservation.

Formal Operational

The stage in Piaget's theory of cognitive development where individuals, typically adolescents and adults, develop the ability to think abstractly, logically, and systematically.

Harlow's Studies

Harlow's Studies refer to the psychological experiments conducted by Harry Harlow, notably on attachment, using rhesus monkeys to investigate the importance of caregiving and companionship.