Multiple Choice
On June, 20, 2018, Simon Corporation (a calendar-year corporation) purchased and placed in service a new automobile costing $68,000. This vehicle is used 100% for business. Simon makes whatever elections are necessary to maximum its overall depreciation deduction for the year of acquisition. What is Simon Corporation's adjusted basis for the automobile at the end of 2020?
A) $0
B) $18,640
C) $24,400
D) $34,000
Correct Answer:
Verified
Correct Answer:
Verified
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