Chapter 10 Depreciation: The Mid-year Convention Han owns a landscaping business in Denver Colorado. In 2019. Han purchases two new dump trucks for his business. The trucks cost $125,000 each. He places the blue dump truck into service on June 1, 2019. He placed the red dump truck into service on October 9, 2019. Han would like to limit any 179 deductions for the year to a single amount of $50,000 in total. He would like to allocate ALL of his elected 179 deduction completely to the red truck. The trucks are the only assets Han placed in service during the year. In addition, Han has active income in the amount of $1,000,000. What are the tax consequences for Han? 1) The trucks are tangible property and are considered real property or personal property. property (select 2) Han's initial basis in the blue truck is Han's initial basis in the red truck is . Han's depreciable basis for the blue truck is His depreciable basis for the red truck is In addition, % of the property was placed into service during the last quarter of the year; therefore, Han will use the mid- convention 3) Han's depreciation deduction for the blue truck in 2019 is - Han's Ecation deduction tor the red truck in 2019 is His total cost recovery in 2019 is (all depreciation + 179 Deduction). 4) His adjusted basis for the blue truck is adjusted basis for the red truck is at the end of the year. His at the end of the year. Chapter 10 Depreciation: The Mid-year Convention Han owns a landscaping business in Denver Colorado. In 2019. Han purchases two new dump trucks for his business. The trucks cost $125,000 each. He places the blue dump truck into service on June 1, 2019. He placed the red dump truck into service on October 9, 2019. Han would like to limit any 179 deductions for the year to a single amount of $50,000 in total. He would like to allocate ALL of his elected 179 deduction completely to the red truck. The trucks are the only assets Han placed in service during the year. In addition, Han has active income in the amount of $1,000,000. What are the tax consequences for Han? 1) The trucks are tangible property and are considered real property or personal property. property (select 2) Han's initial basis in the blue truck is Han's initial basis in the red truck is . Han's depreciable basis for the blue truck is His depreciable basis for the red truck is In addition, % of the property was placed into service during the last quarter of the year; therefore, Han will use the mid- convention 3) Han's depreciation deduction for the blue truck in 2019 is - Han's Ecation deduction tor the red truck in 2019 is His total cost recovery in 2019 is (all depreciation + 179 Deduction). 4) His adjusted basis for the blue truck is adjusted basis for the red truck is at the end of the year. His at the end of the year