If a residence is used primarily for personal use (rented for fewer than 15 days per year), which of the following is correct? OA, No income is included in AGI. B. No expenses are deductible. C. Expenses must be allocated between rental and personal use. O D.Only a and b. are correct. O E. a., b., and c. are correct. Question 20 (3 points) On June 2, 2017, Fred's TV Sales sold Mark a large HD TV, on account, for $12,000. Fred's TV Sales uses the cash method. In 2018, when the balance on the account was $8,000, Mark filed for bankruptcy. Fred was notified that he could not expect to receive any of the amount owed to him. In 2019, final settlement was made and Fred received $1,000. Which of the following is true? Fred's TV will have a $8,000 deduction in 2018. There will be no effect upon Fred's TV 2019 income or deductions. Fred's TV will recognize $1,000 of income in 2019. Fred's TV will have a deduction of $7,000 in 2019