The Only Asset Bill Purchased During 2015 Was a New

question 88

Multiple Choice

The only asset Bill purchased during 2015 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 2015.

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

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Definitions:

Eating Fruits

The consumption of fruit, which is an essential part of a balanced diet, providing fiber, vitamins, and minerals.

MyPlate Food Guide

A visual guide for balanced eating created by the USDA, depicting a plate divided into sections for vegetables, fruits, grains, proteins, and dairy to encourage healthy meal planning.

2,000-Calorie

A reference daily intake level used for nutrition labeling, representing an estimated amount of calories a typical adult should consume daily to maintain their weight.

U.S. Department of Agriculture

A federal department responsible for developing and executing federal laws related to farming, forestry, rural economic development, and food.