e. None of the above 3. On October 2, 2019, Andres Corporation (a calendar year corporation) acquires and places into service business furniture costing $35,000. No other acquisitions are made during the year. No Sec. 179 election is made. The depreciation for 2019 is: ao b. $1,000 c. $1,250 d. $5,002 e. $7,000 4. This year, Ace Corporation (a C corporation) had ordinary income from operations of $30,000, net long-term capital gain of $10,000 and net short-term capital loss of $15,000. What is Ace's taxable income? a) $25,000 b) $27,000 c) $30,000 d) $40,000 e) None of the above 5. Quidik Corporation sold a machine for $80,000 that it had acquired three years ago for $68,000. If its adjusted basis when sold was $50,000, what should Quidik report on its tax return as a result of this sale? a. Section 1245 recapture of $18,000; Section 1231 gain of $30,000; b. Ordinary income = $12,000 and Section 1231 gain = $18,000 c. Section 1245 recupture = $18,000 and Section 1231 - $12,000; d. Section 1231 gain - $38,000 e. None of the above