Bonnie Jo purchased a used camera (five-year property) for use in her sole proprietorship. The basis of the camera was $2,400. Bonnie Jo used the camera in her business 60 percent of the time and used it for personal purposes the rest of the time during the first year. Calculate Bonnie Jo's depreciation deduction during the first year, assuming the sole proprietorship had a loss during the year. (Bonnie did not place the property in service in the last quarter.) (Use MACRS Table 1.)
A. $240.
B. $480.
C. $2,400.
D. $288.
E. None of the choices are correct.
Answer: D
You might also like to view...
What is the best way to become a good presenter?
A) Speak softly B) Have extra material C) Incorporate as many visual aids as possible D) Practice E) Memorize the presentation
Organizations that engage in ________ corporate social responsibility expect, encourage, and reward for being active volunteers in the community, often on company time.
A. legal B. ethical C. benevolent D. social
A person who is to receive life insurance proceeds when the insured dies is known as a ________
A) donor B) bailee C) beneficiary D) notary
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 was intended to overhaul, in large part, certain provisions of the Bankruptcy Code
Indicate whether the statement is true or false