During the year, Cory purchased a log skidder (seven-year property) for $55,000 for his business. Assume that he has income from his business of $30,000, and he and his wife have combined salaries and wages income of $40,000. What is the maximum deduction he can take for his business in relation to the log skidder purchase? Multiple Choice $7,860 $30,000 $55.000 $31,429