3. Bob and Carol file their tax returns using the married filing jointly status. Their AGI is $132,500. They have two children, ages 11 and 7. How much child tax credit can Bob and Carol claim for their two children? a. b. C. d. $2,000 $4,000 $0 None of the above is correct $2,850 e. 4. On June 1, 2020, Cork Oak Corporation purchased a passenger automobile for 100 percent use in its business. The auto, with a cost basis of $22,000, has a 5-year recovery period. How much depreciation (half-year convention) should be taken for 2020, assuming Cork Oak Corporation uses the accelerated depreciation method under MACRS but does not choose to make the election to expense or take bonus depreciation? $10,100 b. $3,160 $4,400 d. $18,100 e. None of the above a. C. 5. What is the minimum number of years over which computers may be depreciated under MACRS? a. b. C. 7 years 10 years 5 years 15 years 3 years d. e. 6. 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 convention, and expensing election, what is the maximum amount of cost that can be deducted in 2020? a. b. $535,000 $267,500 $321,000 $374,500 $107.000 C. d. e