15. On June 16, 2019, a June 30 fiscal year corporation purchases a machine (7 year asset) at a cost of $100,000 and a salvage value of $20,000, and places it in service on July 21, 2019. Assume that the machine is the only fixed asset purchased during the fiscal year. What depreciation amount will the corporation claim on its federal income tax return for the year ended June 30, 2019. A. $ 14,290 B. 3,570 C. 0 25,000 None of the above D. E. 14. For an individual taxpayer, expenses connected with rents and royalties are normally deducted..... A. From adjusted gross income B. Either for or from adjusted gross income C. For adjusted gross income D. For adjusted gross income, but limited to a maximum percentage amount E. For an individual taxpayer, expenses connected with rents and royalties are not deductible 13. Which of the listed items are not deductible on Form 1040? If all are not deductible or if all are deductible, select either Answer D or Answer E. A. Gambling losses to the extent of gambling winnings B. Contributions to an IRA (individual retirement account) C. Depreciation on property held for personal use D. All are deductible E. None are deductible 12. During 2019, an individual incurred and paid the items listed below. CPA for preparation of the taxpayer's personal income tax return ..... $700 Unreimbursed employee business expense for use of his/her personal automobile on company business (mileage method at 58 per mile... $900 Legal fee incurred to obtain a divorce ...... $2,500 Union dues withheld from the individuals salary ..... $600 Assuming that the individual itemizes for the year (adjusted gross income of $100,00), what amount will be deducted on the 2019 Form 1040? A. $4,700 B. 2,700 C. 0 600 E. None of the above D