1. John purchases residential rental property on June 30, 2020 for a cost of $290,000. Of this amount, $140,000 is allocable to the cost of the home and the remaining $150,000 is allocable to the cost of the land. What is John's maximum depreciation deduction for 2020? a. b. $370 $1,061 None of the above $2,758 $1,485 d 2. An asset is placed in service on May 15, 2020 and has a depreciable basis of $40,000. The asse in the 7-year recovery class and the half-year convention applies. What is the maximum depreciation deduction that may be claimed for 2020, assuming no election to expense and no bonus depreciation? a. b. C. $5,716 $2,572 $5,144 $25,000 None of the above d. e. 3. Clark, a widower, maintains a household for himself and his two dependent preschool childre For the year ended December 31, 2020, Clark earned a salary of $32,000. He paid $3,600 to housekeeper to care for his children in his home, and also paid $1,500 to a kiddie play camp child care. He had no other income or expenses during 2020. Before considering any limitati due to tax liability, how much can Clark claim as a child and dependent care credit in 2020? a. b. C. $5,100 $1,300 $910 None of these $1,326 d. e