George Purchases Used Seven-Year Class Property at a Cost of $200,000

question 31

Multiple Choice

George purchases used seven-year class property at a cost of $200,000 on April 20,2016.Determine George's cost recovery deduction for 2016 for alternative minimum tax purposes,assuming George does not elect § 179 and does not take additional first-year depreciation,if available.

• A)$2,500
• B)$10,000
• C)$14,280
• D)$28,580
• E)None of the above

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Definitions:

Freudian Concepts

Ideas and theories developed by Sigmund Freud, including the unconscious mind, defense mechanisms, and the psychosexual stages of development.

Ego-ideal

A component of Freudian psychology, representing an individual's ideal self and the standards by which they measure their actions.

Superego

To Freud, the moral aspect of personality; the internalization of parental and societal values and standards.

Behaviors

The actions or reactions of an individual or group in response to external or internal stimuli.