help 1. The only asset Bill purchased during 2022 was a new...
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1. The only asset Bill purchased during 2022 was a new five-year class asset. The asset, which was listed property, was acquired on June 17 at a cost of $50,000. The asset was used 60% for business, 10% for the production of income, and the rest of the time for personal use. Bill never 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 2022 . a. $6,000 b. $10,000 c. $7,000 d. $35,000 e. None of the above
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