9. Denise is divorced and files a single tax return claiming her two children, ages 7 and 9, as . dependents. Her AGI for 2020 is $81,500. Denise's child tax credit for 2020 is: a. b. C. $4,000 $1,000 $2,000 $3,000 $0 d. e. 10. Which one of the following is true about Modified Accelerated Cost Recovery System (MACRS)? a. b. C. All of the above are false. A building is depreciated using 200 percent declining balance depreciation Buildings and autos both have the same depreciation life. A light duty business truck is depreciated using accelerated depreciation d. 1. Max purchases a new auto in 2020 at a cost of $56,000. He uses the car 80% for business. Assuming a half-year convention, bonus depreciation, but no immediate expensing, what is the depreciation deduction on the auto? a. b. C. d. $14,480 $10,100 $44.800 $18,100 $14,400 e. 2. Cork Oak Corporation purchased a heavy-duty truck (not considered a passenger automobile fe purposes of the listed property and luxury automobile limitations) on May 1, 2020 for use in its business. The truck, with a cost basis of $24,000, has a 5-year estimated life. It also is 5-year recovery property. How much depreciation should be taken on the truck for the 2020 calendar year using the conventional (for financial accounting purposes) straight-line depreciation meth a. b. C. $400 None of the above $3,200 $2,400 $4,800 d. e