Amortization for a covenant not to compete with a five year term is over a period of:

a. Thirty-nine years

b. Three years

c. Twenty-seven years

d. Fifteen years

e. Five years

Losses on securities may be deducted when:

a. they exceed 10% of AGI

b. the security has lost at least half its value

c. the security is sold

d. the security is completely worthless

e. both c and d

Jane purchases a new delivery van for her flower business on December 1, 2018 for $40,000. She started using the van on January 15, 2019. Jane placed into service no other depreciable assets in 2018. Janes depreciation deductions for 2018:

a. will be $100,000 as bonus depreciation

b. will be $100,000 as a Section 179 Expense

c. will be determined by the mid-quarter convention.

d. will be $0

e. both a and c