Gregory bought a used car on July 31, 2020. He is a self-employed CPA. He used the van only 30% of the time for business and 70% for personal purposes. He paid $24,000 for the car. The maximum depreciation deduction for the van is

Select one:

a. $720

b. $3,960

c. $4800

d. $1440

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On 4/8/2020 Johanna purchases and places in service machinery that cost her $1,080,000 in 2020. She wants to elect the maximum Sec. 179 deduction allowed and does not plan to apply bonus depreciation. Her business income is $750,000. What is the amount of her allowable Sec. 179 deduction and carryover, if any?

Select one:

a. None of the above

b.

179 deduction	Carryover
$1,080,000	0

c.

179 deduction	Carryover
$750,000	330,000

d.

179 deduction	Carryover
$900,000	$150,000

e.

179 deduction	Carryover
$750,000	$290,000