Question 1
Arthur uses a Chevrolet Suburban (GVWR 7,500 pounds) 100% for business. He acquired and placed the vehicle in service in his business in January of the current year. The vehicle cost $65,000. The maximum deduction allowed this year is
◦ $13,000.
◦ $38,000.
◦ $25,000.
◦ $33,000.
Question 2
Atiqa took out of service and sold a residential rental property on October 31 of this year. She had originally acquired the property in July ten years ago. The building (excluding the value of the land) cost $1,000,000. How much is her current year depreciation deduction?
◦ $30,300
◦ $36,360
◦ $18,182
◦ $28,785