1 John acquired an automobile on March 1, 2020 costing $50,000. He uses this auto 80 % for his business His depreciation deduction for 2021 is 10000 11264 8000 d None of the above a 2 John bought the equipment costing $1,500,000 on March 1, 2020. He wants to take Section 179 and bonus depreciation in 2020. He should first Take section 179 and then bonus depreciation b Take bonus depreciation first then Section 179 He can choose to in take in any order these two depreciation methods 3 Charlie bought the painting in 2010 for $15,000. On December 31, 2020 he donated the painting to a local Church. The fair market value of painting at the time of donation was $50,000. Church plans to sell the painting to raise fund His Charitable deduction for 2020 is a b d 50000 35000 15000 None of the above 4 Mary bought a house for $1,500,000 in 2020. She paid $300,000 as down payment and rest was borrowed. She paid $30,000 mortgage interest in 2020. Her mortgage interest deduction for 2020 is. 20000 b 30000 18750 d None of the above 5 Charles Smith, CPA a self employed person goes to Chicago to attend a seminar on Taxation He spends five days for the seminar and two days for personal business. His expenses areas follows: Air Travel Meals for seven days Cost of Seminar Hotel for seven days His deductions for going to Chicago are $3700 deduction for AGI b $3700 deduction for AGI c $2825 deduction for AGI None of the above 6 David is selfemplyed. He paid $6000 insurance premium for health insurance for 2020 600 850 850 1400 a d