The convention used to calculated depreciation in the year of disposition is the same as the convention applied on acquisition. Select one: O True O False Grace, age 42, had AGI of $130,000 and paid the following medical expenses in 2020: Medical insurance premiums $5,300 Doctor and dentist bills $13,000 Prescription medicines $1,790 Nonrescription medicines $750 What is Grace's maximum allowable medical expense deduction for 2020? a. $10,340 O b. $20,290 O c. $20,840 O d. $11,090 A business taxpayer sells depreciable business property with an adjusted basis of $40,000 for $32,000. The taxpayer held the property for more than a year. The taxpayer has an $8,000 capital loss. Select one: O True O False If the selling price of a section 1245 asset is less than its original cost, all of the gain will be subject to section 1245 recapture. Select one: O True O False