Lax, LLC Purchased Only One Asset During the Current Year

question 6

Multiple Choice

Lax, LLC purchased only one asset during the current year (a full 12-month tax year) . Lax placed in service computer equipment (5-year property) on August 26 with a basis of $20,000. Calculate the maximum depreciation expense for the current year (ignoring §179 and bonus depreciation) :

• A) $2,000
• B) $2,858
• C) $3,000
• D)$4,000
• E)None of these

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Definitions:

Lymphocytes

Lymphocytes are a type of white blood cell critical to the immune system, helping the body fight off infections and other diseases.

Corticosteroids

A class of steroid hormones that are produced in the adrenal cortex and used medicinally to reduce inflammation and suppress the immune system.

Norepinephrine

A neurotransmitter involved in the body's response to stress, increasing heart rate and blood pressure.

Collagen

A protein that is the main component of connective tissues in animals, providing strength and structure, especially in skin, bones, and tendons.