1.John acquired an automobile on March 1, 2020 costing $50,000. He uses this auto 80 % for his businessHis depreciation deduction for 2021 is a 10000 b 11264 c 8000 d None of the above

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 a Take section 179 and then bonus depreciation b Take bonus depreciation first then Section 179 c 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 50,000 b 35,000 c 15,000 d None of the abaove

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 a 20,000 b 30,000 c 18,750 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 600 Meals for seven days 850 Cost of Seminar 850 Hotel for seven days 1400 His deductions for going to Chicago are a $3700 deduction for AGI b $3700 deduction for AGI c $2825 deduction for AGI d None of the above

6 David Is selfemplyed . He paid $6000 insurance premium for health insurance for 2020 His AGI is $40,000 for 2020. His medical insurance deduction for 2020 is a $3000 deduction from AGI b $3000 deduction for AGI c $6000 Deduction for AGI d None of the above