28. Taxpayers choosing the election to expense: (Points : 1)

May depreciate the amount of the asset cost that exceeds the amount allowed under the election to expense.

Will have the maximum that can be expensed under the election reduced by $0.50 for each dollar by which the cost of the asset acquired exceeds a specified limit.

May not carry over any amounts elected which are not allowed because of taxable income limitations

May expense a $125,000 automobile so long as it is used 100% for business

29. What is the maximum depreciation expense deduction for Year 2 (2015) for a passenger automobile, used 100% for qualified business use, placed in service on June 15, 2014 & costing $14,000 (the election to expense is not made & no bonus depreciation was taken)? (Points : 1)

$2,800 $3,160 $4,480 $5,100 None of the other provided choices

Question 30. 30. Jasper is a self-employed businessman. On March 5, 2014 he purchases a personal computer for use at his home. He uses the computer for personal purposes 50% of the time & for business use the remainder of the time. The computer cost $2,300. He wants to claim the maximum amount of depreciation possible for 2014, including the election to expense, if it is available. What is the amount of depreciation that Jasper should claim on the computer for 2014? (Points : 1)

$2,300 $1,150 $460 $230 Some amount less than the specific amounts provided

Question 31. 31. On June 1, 2014, Sandalwood Corporation purchases a passenger automobile for 100% use in its business. The automobile is in the 5 year cost recovery class & has a basis for depreciation of $30,000. Assuming that the corporation elects the accelerated method of cost recovery for the asset & does not elect to expense any of its cost or take bonus depreciation, what is the total tax depreciation deduction for the 2014 calendar tax year (Year 1)? (Points : 1)

$3,060 $3,160 $4,287 $6,000 None of the other selections