The IRS would most likely apply the arm's length test to determine which of the following? Whether the firm qualifies for Section 179 immediate expensing as a small business. O Whether the expense qualifies for a deduction for a business or a hobby Timeliness of an expenditure Reasonableness of an expenditure All of the choices are correct ew Window HUP 0 Edit October 26, 2020, 9:56:08 PM 2.046 of 2.949 Wayne Enterprises LLC purchased computer equipment and furniture this year. On April 20, Wayne placed in service the furniture 17-year property) with a basis of $18,000. On NC placed in service the computer equipment (5-year property) with a basis of $14,500. Calculate the maximum depreciation expense (ignoring 5179 and bonus depreciation). No depreciation deduction allowed 3.488 1.938 5,672 32.500 None of the above