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Business, 26.11.2019 02:31 graceshort7orepzg

The only asset bill purchased during 2017 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 2017.

a. $1,428
b. $2,499
c. $26,749
d. $33,375
e. none of the above

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Answers: 1

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The only asset bill purchased during 2017 was a new seven-year class asset.
the asset, which...
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