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Brian is considering starting his own small business this year in California. As a result, he is putting together a budget for acquiring business assets that he is going to need to run his new business. As part of his planning he wants to calculate not just the amount of cash he has to set aside for purchases, but also the amount of cost recovery allowed. Based on his budgeting and planning, Brian decided that he can afford to acquire a 5-year class asset. Brian went ahead and made that purchase on April 10, 2020, for $45,000. If Brian sells the asset on May 9, 2021, what would be Brian's cost recovery deduction for 2021? $2,700 $7,200 $4,500 $4,320 Mason, a married taxpayer, has successfully built his property development company and he is interested in further expanding his real estate portfolio. As a result of a thorough investigation into new block of properties, Mason settled and acquired a nonresidential building on September 19, 2020, for $1,000,000. The was building was subsequently sold on June 21, 2021 for $1,200,000. What was the adjusted basis of the building at the time of the sale? Round your answer to the nearest dollar. $988,248 $980,758 $992,510 $1,000,000 Elizabeth, a single taxpayer acquires and places in service business equipment (a 5-year class asset) on February 1, 2020, at a cost of $90,000. Elizabeth sells the asset in 2022 for $45,000. How much is Elizabeth going to report as the gain on the sale of this asset in 2022? $7,680 $4,500 $9,000 $4,280