The only asset Bill purchased during 2017 was a new seven-year class asset.
The asset, which was listed property, was acquired on June 17 at a cost of $50,000.
The asset was used 40% for business, 30% for the production of income, and the rest of the time for personal use. Bill always elects to expense the maximum amount under § 179 whenever it is applicable.
The net income from the business before the § 179 deduction is $100,000.
Determine Bill's maximum deduction with respect to the property for 2017.
a. $1,428
b. $2,499
c. $26,749
d. $33,375
e. None of the above
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