The Only Asset Bill Purchased During 2017 Was a New

question 48

Multiple Choice

The only asset Bill purchased during 2017 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 2017.

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

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