Omar Acquires Used 7-Year Personal Property for $100,000 to Use

question 66

Multiple Choice

Omar acquires used 7-year personal property for $100,000 to use in his business in February 2015.Omar does not elect § 179 expensing,but does take the maximum regular cost recovery deduction.He elects not to take additional first-year depreciation.As a result,Omar will have a positive AMT adjustment in 2015 of what amount?

• A)$0
• B)$3,580
• C)$10,710
• D)$14,290
• E)None of the above

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Definitions:

Capitalism

An economic system characterized by private ownership of the means of production, competition, and the pursuit of profit.

Self-Interest

Self-interest is a concept in economics that denotes individuals acting in pursuit of their own benefits, often driving economic transactions and market allocations.

Total Surplus

Total surplus is the sum of consumer surplus and producer surplus in a market, representing the overall economic benefit to society from market transactions.

Imposed

Refers to actions or conditions that are applied or enforced by authority or necessity without the recipient's active consent.