24- If you own a business, and the business owns land which declines in value, the land may be depreciated for tax purposes.

Answer:

False True

25- An asset (not an automobile) put in service in June 2020 has a depreciable basis of $535,000 and a recovery period of 5 years. Assuming bonus depreciation is used, a half-year MACRS convention, and no Section 179 expensing election is made, what is the maximum amount of cost that can be deducted in 2020?

a-$374,500 b-$321,000 c-$267,500 d-$107,000 e-$535,000