can someone help me with MCQ

5. Augie purchased one new asset during the year (five-y ear property) on July 10 , 2022, at a cost of $1,500,000. Augie would like to use the \$ 179 election, but will net take any additional first-year depreciation. The income from the business before the cost recovery deduetion and the \$\$179 deduction was $3,000,000. Determine the maximum cost recovery deduction available on this asset for 2022 a.b.$300,000$1,140,000 c. \$1. 500,000 d. $1.164,000 6. Morgan incurred the following income(losses) from his business: \begin{tabular}{ll} - 2021 & $250,000 \\ - 2022 & ($400,000) \\ - 2023 & $300,000 \\ \hline \end{tabular} How much income will Morgan report in 2024 ? a. $0 b. $80.000 c. $240.000 d. $400,000 7. Glenn, a self-employed insurance agent, suffered the following two casualties during the year. He maintains an office downtown. His initial (before any casualty related deductions) AGI was $150.000. Glenn itemizes his deductions. - A tornado struck and completely destroyed his home on March 15. The home was worth $225,000 before the tornado and $0 afterwards. He had paid $200,000 for the home. He recovered $175.000 from his homeowners insurance. The tornado resulted in a federal disaster declaration. - A burglar broke into his office on July 5 and stole his computer, used in his business. The computer was worth $1,500, though Glenn's basis in the computer was $2,500. There was no insurance coverage. How would Glenn report these two casualties? a. $2,500 as a deduction for AGI \& $10.150 from AGI b. $1,500 as a deduction for AGI \& \$10.050 from AGI c. $10,900 as a deduction for AGI d. $12,400 as a deduction from AGI 8. Lori purchased a used computer (5-year property) on August 17, for $5,000. During the year, the computer was used 40% for business and 60% for personal use. Determine her cost recovery deduction for the computer for the year. a. $200. b. $400. c. $640. d. $1,000. 5. Augie purchased one new asset during the year (five-year property) on July 10 . 2022, at a cost of $1,500,000. Augie would like to use the \& 179 election, hut witi not take any additional first-year depreciation. The income from the business before the cost recovery deduction and the $179 deduction was $3.000,000. Determine the maximum cost recovery deduction available on this asset for 2022 . a. $300,000 b.c.d.$1,140,000$1,500,000$1,164,000 6. Morgan incurred the following income/(losses) from his business: \begin{tabular}{ll} - 2021 & $250.000 \\ - 2022 & ($400,000) \\ - 2023 & $300.000 \\ \hline \end{tabular} How much income will Morgan report in 2024? a. $0 b. $80.000 c. $240,000 d) $400,000 7. Glenn, a self-employed insurance agent, suffered the following two casualtiesduring the year. He maintains an office downtown. His initial (before any casualty related deductions) AGI was $150.000. Glenn itemizes his deductions. - A tornado struck and completely destroyed his home on March 15. The home was worth $225,000 before the tornado and $0 afterwards. He had paid $200,000 for the home. He recovered $175,000 from his homeowners' insurance. The tormado resulted in a federal disaster declaration.1 - A burglar broke into his oftice on July 5 and stole his computer, used in his business. The computer was worth $1,500. though Glenn's basis in the computer was $2.500. There was no insurance coverage. How would Glenn report these two casualties? a. $2,500 as a deduction for AGI&$10,150 from AGI b. $1.500 as a deduction for AGI \& $10.050 from AGI c. $10,900 as a deduction for AGI d. $12,400 as a deduction from AGI 8. Lori purchased a used computer (5-year property) on August 17, for $5,000. During the year, the computer was used 40% for business and 60% for personal use. Determine her cost recovery deduction for the computer for the year. (a.) $200. b. $400. c. $640. d. 51,000