As of the beginning of Year 3, Wolf Inc. has a written accounting policy to expense amounts paid for tangible property costing up to $9,000. Wolf also has applicable financial statements for the year. During Year 3, Wolf pays $12,000 for three pieces of office furniture that cost $4,000 each and have economic life of five years. Under the de minimis rule, how much can Wolf deduct for tax purposes in Year 3? $7,500 B) $12,000 $15,000 $4,000 50 As of the beginning of Year 3, Wolf Inc. has a written accounting policy to expense amounts paid for tangible property costing up to $9,000. Wolf also has applicable financial statements for the year. During Year 3, Wolf pays $12,000 for three pieces of office furniture that cost $4,000 each and have economic life of five years. Under the de minimis rule, how much can Wolf deduct for tax purposes in Year 3? $7,500 B) $12,000 $15,000 $4,000 50