The Only Asset Bill Purchased During 2012 Was a New

question 18

Multiple Choice

The only asset Bill purchased during 2012 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 2012.

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

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Definitions:

Superego

In psychoanalytic theory, the part of the personality that acts as a moral center, guiding behavior according to learned societal standards.

Collective Unconscious

In Jungian theory, the universal memories and experiences of humankind, represented in the symbols, stories, and images (archetypes) that occur across all cultures.

Personality

The combination of characteristics or qualities that form an individual's distinctive character and behavioral patterns.

Psychodynamic Theory

A psychological perspective that emphasizes the systematic study of the psychological forces that underlie human behavior, feelings, and emotions and how they might relate to early experience.