1) A taxpayer is not entitled to an immediate expensing of startup expenditures if he or she exceeds which of the following amounts? a.$55,000 b.$50,000 c.$1,000 d.$10,000 e.$40,000

2) The cost of a covenant not to compete for 20 years incurred in connection with the acquisition of a business is amortized over 10 years.

True

False

3)

Computer or peripheral equipment placed in service after December 31, 2017, is listed property.

True

False

4) Section 179 expensing is subject to which of the following limitations?

a.The deduction must exceed the taxpayer's business income for the year.

b.The property placed in service minimum is $2,590,000 for 2020.

c.The ceiling cannot exceed $1,040,000 for 2020.

5)

The alternative depreciation system is used to calculate the portion of depreciation treated as an alternative minimum tax (AMT) adjustment for purposes of the individual AMT.

True

False

d.The floor cannot exceed $2,000,000 for 2020.

e.The property placed in service maximum is $3,590,000 for 2020.