QUESTION 15 1 points Save Answer An asset (not an automobile) placed in service in June 2019 has a depreciable basis of $35,000 and a recovery period of 5 years. Assuming bonus depreciation is used a half-year convention, and no expensing election, what is the maximum amount of cost that can be deducted in 20192 O a $21,000 Ob.$17.500 O c $24,500 Od $35,000 O $7,000 1 points Save Answer QUESTION 16 A taxpayer places a $50,000 5-year recovery period asset in service in 2019. This is the only asset placed in service in 2019. Assuming half year convention, no immediate expensing, what is the amount of bonus depreciation? O a 50 Ob $25,000 O c. $50,000 O d. None of the above O $10,000 QUESTION 17 1 points Save Answer Johnny owned a gas station with an adjusted basis of $300,000. After it was destroyed in a fure, he received $560,000 from the insurance company. Within the next year, he bought a new gas station for $500,000. What is Johnny's recognized gain and what is the basis in the new building O a $200,000 $300,000 Ob $260,000 $300,000 O c $60,000 $300,000 Od $60,000;$500,000 O $260,000: $500,000 1 points Save Answer QUESTION 18 On June 1, 2019, Sandalwood Corporation purchases a passenger automobile for 100 percent use in its business. The automobile is in the year cost recovery class and has a basis for depreciation of $60,000. Assuming that the corporation elects the accelerated method of cost recovery for the asset and does not elect to expense any of its cost or take bonus depreciation, what is the total tax depreciation deduction for the 2019 calendar tax year (Year 1)? O a $11,160 Ob 518,000 O 12.000 Od $10,100 O None of the above