Billie Bob Purchased a Used Camera (5-Year Property) for Use

question 25

Multiple Choice

Billie Bob purchased a used camera (5-year property) for use in his sole proprietorship in the prior year. The basis of the camera was $2,400. Billie Bob used the camera in his business 60 percent of the time during the first year. During the second year, Billie Bob used the camera 40 percent for business use. Calculate Billie Bob's depreciation expense during the second year assuming the sole proprietorship had a loss during the year (Billie Bob did not place the asset in service in the last quarter) . (Use MACRS Table 1)

• A) $0.
• B) $48.
• C) $192.
• D) $336.
• E) None of the choices are correct.

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Definitions:

Chronologically

Arranged in the order of time, from the earliest to the latest.

Unique Qualifications

Special or distinctive skills, experiences, or attributes that make an individual particularly well-suited for a specific job or role.

Work Experience

A record of employment history, highlighting roles held, responsibilities, skills acquired, and achievements.

Leadership and Teamwork

The skills and attributes necessary to guide groups towards achieving a common goal effectively and harmoniously.