The Only Asset Bill Purchased During 2015 Was a New

question 88

Multiple Choice

The only asset Bill purchased during 2015 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 2015.

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

---

Definitions:

Bodily-Kinesthetic Intelligence

The ability to control body movements and handle objects skillfully, as proposed in theories of multiple intelligences.

Intrapersonal Intelligence

The capacity to understand oneself, including one's thoughts and emotions, and use such knowledge effectively in life.

Divergent Thinking

A mental approach or technique for producing imaginative solutions by investigating numerous potential answers.

Problem Solving

The process of identifying a challenge and finding an effective solution for it.