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Please be sure that your answer is correct, If you do not know the answer, do not give me wrong answer thank you :) 11.
Please be sure that your answer is correct, If you do not know the answer, do not give me wrong answer thank you :)
11. Which of the listed expenditures are deductible for AGI? If all are deductible for AGI or none are deductible for AGI, select either answer D or E. A Repairs on rental property owned by the taxpayer only B Deductible IRA contribution on;y C Student loan interest only D All of the listed expenses are deductible for AGI E None of the listed expenses are deductible for AGI 12. Calendar year taxpayer Betty Baker acquires and immediately places in service three machines during 2020, as set out below. Asset 1 June 5 $14,000 (salvage value $2,000) Asset 2 September 11 10,000 (salvage value $1,000) Asset 3 October 18 22,000 (salvage value $5,000) Assume that all three are MACRS 7 year assets, that Betty will not claim any IRC 179 deduction or bonus depreciation, and that she purchased no other fixed assets that year. What depreciation deduction will Betty claim on the 2020 Form 1040, Schedule C for Asset 1? $2,500 B 500 1,500 D 2,140 E None of the above Do not assume that a taxpayer makes an IRC 179 election or uses bonus depreciation unless a problem so states. For each question you answer, insert in the appropriate space on the separate answer sheet the letter which indicates the correct response. Please note than all final answers have been rounded to the nearest $10Step by Step Solution
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