Franklin purchased several assets in 2021 that meet the requirements for a Section 179 expense deduction. The total cost was $2,900,000. Because his total cost exceeds $2,620,000, his Section 179 expense deduction is limited to ________.

$280,000

$770,000

$1,020,000

$1,050,000

Question 17 of 25.

In 2020, Scarlett purchased a copier for her office. She paid $15,000 and elected to take bonus depreciation. What is her adjusted basis for depreciation in 2021?

$0

$3,750

$7,500

$15,000