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In 2017, Gail had a § 179 deduction carryover of $30,000. In 2018, she elected §...

In 2017, Gail had a § 179 deduction carryover of $30,000. In 2018, she elected § 179 for an asset acquired at a cost of $115,000. Gail’s § 179 business income limitation for 2018 is  $140,000. Determine Gail’s § 179 deduction for 2018.

$25,000

$140,000

None of the above

$115,000

$130,000

On June 1, 2018, Irene places in service a new automobile that cost $21,000. The car is used 70% for business and 30% for personal use. (Assume this percentage is maintained for the life of the car.) She does not take additional first-year depreciation. Determine the cost recovery deduction for 2019.

Group of answer choices

$3,290

$3,570

None of the above

$4,704

$10,000

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Answer #1

Answer Give that Asset acquired at 179 Business income a cost of = 115000 limitation 2018 - 140000 - 115000425000 zinoooo : :

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