C. The following cash payments were posted to George's business checkbook: a. Gross wages paid to employees 562,000 b. Payroll taxes 11,900 c. Secretarial services 8,000 d. Meals 1,900 e. Travel 2,200 f. Legal and accounting expense 1,100 g. Accounting expenses 2,200 h. Telecommunications 4,600 i. Insurance 5,000 j. Supplies 2,700 k. Principal on business loan 35,000 |. interest on business loan 4,300 m. Advertising 6,000 n. Repairs 1,500 0. Contribution to George's traditional IRA 3,000 p. Entertainment expenses 3,500 q. Speeding tickets 200 r. Subscription to Landscape Monthly 100 5. State permit 300 D. George utilized the following assets in his landscaping business: Description Date Placed Adjusted Basis when Business of Property: into Service: Placed into Service: E; Landscaping 5/21/15 $40,000 100% equipment Computer system 7/22/16 3,200 100% Computer printer 7/25/17 1,000 100% Office furniture 6/20/18 ' 3,000 100% All of the assets listed above were purchased new by George on the date they were placed into service. Due to technical requirements, George was not able to elect 179 treatment for any year prior to 2019. All assets were depreciated under accelerated MACRS prior to 2019. E. George drove a 2004 Chevrolet pick-up truck which he placed into service on January 2, 2014. The truck cost George $12,800. The truck weighs 6,800 pounds. George logged 22,000 business related miles in his pick-up truck. He also logged 20,000 non-business related miles. Written documentation exists justifying the business-use of the pick-up truck. George has always used the standard mileage method. The truck has never been depreciated under the MACRS method