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On January 2, 2010 Greg, a sole proprietor, purchased a new van to beused in his business. He traded in a used van with an
On January 2, 2010 Greg, a sole proprietor, purchased a new van to beused in his business. He traded in a used van with an adjusted basis of $2,500and paid $7,500 cash. Greg elected straight-line depreciation. He did not electa Sec. 179 deduction for the van. What is Greg's allowable depreciationdeduction for 2010?
A) $2,500
B) $2,000
C) $1,000
D) $0
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