77-78. Rocky bought 7-year class property on January 4, this year, for $120,000. Assume his business income is $6,000 before the deduction for the Section 179 expense.

77. The amount of the currently deductible 179 expense is:

a.

a. $4,000

b.

b. $6,000

c.

c. $10,000

78. The MACRS table percentage (if the table is to be used) which would be applied to the remaining basis of the asset to calculate cost recovery in the first year (in addition to the 179 expense) is:

	a.	a. .1429
	b.	b. 0
	c.	c. .20
	d.	d. None of the above

d. None of the above