(TCO 10) Two years ago, Sharon loaned her sister $10,000 to buy a car. No note was issued for the loan, no provision for interest was made, and no repayment date was specified. During the current year, Sharon's sister died, leaving no estate. Sharon's bad debt deduction for the current year is _____. (Points : 2)

$0

$3,000

$6,000

$10,000

None of the above

(TCO 10) Ashley acquires a 5-year class asset on March 20, 20x2 for $50,000. Ashley's cost recovery deduction for 20x2 is _____. (Points : 2)

$30,000

$20,000

$15,000

$25,000

$0.

Mary purchased a new 5-year class asset on March 7, 20x2. The asset was listed property (not an automobile). It was used for business 60% of the time and for personal use the rest of the time. The asset cost was $120,000. Mary made the 179 election. The income from the business before the 179 deduction was $200,000. Determine the total deductions with respect to the asset for 20x2. (Points : 2) $18,000 $24,000 $72,000 $102,000 None of the above