32. Bevis Bag Co. purchased a tract of land on August 31 of the current year, paying $225,000. Prior to the sale, the seller paid property taxes of $18,000 on the property. The taxes covered the calendar year period January 1 through December 31. a. Will Bevis be allowed to deduct any portion of the property taxes paid by the seller prior to the sale? If so, how much? b. What will be Bevis' tax basis in the land? Personal 37. In 2019, Jason Products Co., a calendar year taxpayer, purchased business equipment (7-year property) for $3,400,000. No other personal TODO property was purchased during the year. Jason not wants to take the largest possible tax deduction in 2019 related to this property. Compute the largest tax deduction possible in 2019 for the business equipment. (Consider bonus depreciation and the Code Sec. 179 deduction). 5 0 38. LB Corporation purchased a business car in June 2019 for $62,000. The car weighs 4,000 pounds and will be used 100 percent of the time in the business. Compute the largest depreciation deduction possible in 2019. No other property purchases were made during the year. (Consider bonus depreciation and the Section 179 deduction, if applicable.) 44 . 39. Refer to the facts in Problem 38 and assume the business car purchased is an SUV weighing 8,000 pounds. Compute the largest depreciation deduction possible in 2019. (Consider bonus depreciation and the Section 179 deduction, if applicable.)