Charlie purchased machinery that was 5-year property for $32,500 on June 15, 2018. In 2018 he was required to use the midquarter convention. He did not use bonus or 179 depreciation in 2018. He sold the property on September 10, 2020. What is the amount of his depreciation for 2020. Remember he must use the midquarter convention in the year he sells it. (Round your calculation)

Select one:

a. $4,645.

b. $3,250.

c. $5,850

d. $3,656.

George who is single sold a personal residence on 3/1/2020. He claimed the Section 121 $250,000 Exclusion. George owns a second home. He lived in it as his primary residence beginning 10/31/2019. In order to claim the exclusion he must sell the second home after.

Select one:

a. 12/31/2022

b. 3/1/2022

c. 10/31/2021

d. 12/31/2021