Listed Property Rules Include the Following

question 20

Multiple Choice

Listed property rules include the following:
I.If listed property is not predominantly used in the taxpayer's business, the business-use portion of the asset cannot be depreciated.
II.If more than 50 percent of the listed property's total use for each year is related to the taxpayer's business, the asset is treated the same as any other mixed-use business asset.
III.When listed property is used 50% or less in the taxpayer's business, the Section 179 expense election does not apply to the asset.
IV.Listed property includes passenger automobiles and trucks.
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• A)Statements I and III are correct.
• B)Only statement IV is correct.
• C)Statements II and III are correct.
• D)Statements II, III, and IV are correct.
• E)Statements I, II, III, and IV are correct.

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Definitions:

Company Files

Documents, records, or electronic data that contain important information about a business's operations, financials, or strategies.

Supervisors

Individuals in charge of overseeing and managing the work of others, ensuring tasks are completed adequately.

Colleagues

Individuals with whom one works, especially within a profession or a specific project group.

Memo

A short document or note that is used for communication within an organization, often to inform employees about policies or announcements.