Aaron Has a Successful Business with $50,000 of Income in 2019

question 114

Multiple Choice

Aaron has a successful business with $50,000 of income in 2019. He purchased a new 7-year MACRS property with a cost of $7,000. For tax purposes, what is the largest amount Aaron can deduct in 2019 for the new asset?

• A)$500
• B)$1,000
• C)$3,500
• D)$7,000