1.Jamison uses the following in her business: an automobile valued at $5,000, a home office laptop valued at $3,000, and a motorcycle valued at $6,000. What is the total value of the listed property used in her business?

a.$5,000

b.$3,000

c.$6,000

d.$11,000

e.$0

2. Resources like oil and gas can be depleted, but land cannot be depreciated or depleted.

True

False

3.As a part of a taxpayer's tax planning strategies, cost recovery schedules should be reviewed annually for possible:

a.Retirements but not obsolescence.

b.Abandonments but not obsolescence.

c.Retirements and abandonments but not obsolescence.

d.Retirements, abandonments, and obsolescence.

e.Retirements but not abandonments.

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

a.The property placed in service maximum is $2,550,000 for 2019.

b.The floor cannot exceed $2,000,000 for 2019.

c.The property placed in service minimum is $2,550,000 for 2019.

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

e.The ceiling cannot exceed $2,000,000 for 2019.