An Asset Is Placed in Service on May 15,2017 and Has

question 74

Multiple Choice

An asset is placed in service on May 15,2017 and has a depreciable basis of $40,000.The asset is in the 7-year recovery class and the half-year convention applies.What is the maximum depreciation deduction that may be claimed for 2017,excluding the election to expense and bonus depreciation?

• A)$2,572
• B)$5,144
• C)$5,716
• D)$25,000
• E)None of the above

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Definitions:

Encoding Failure

A situation where the brain fails to create a memory link for information, making it difficult to remember later on.

Misleading Information

Incorrect or deceptive data presented, often with the intention of influencing beliefs or behaviors falsely.

Short-term Memory

The skill to retain a slight quantity of information in an instantly available status for a short span of time.