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During 2021 , Richard Roberts purchases and places in service machinery costing $20,000 and a warehouse costing $500,000. Assume that these are the only two acquisitions of depreciable property purchased by Richard during 2021. What is the maximum Code Sec. 179 deduction available to Richard for 2021 ? A. $520,000 B. 0 C. 500,000 D. 20,000 E. None of the above Anne Able, age 86 , spends considerable time each year pursuing her hobby of baseball card collecting, occasionally attending card collector shows, where she buys and sells cards. During 2021, Anne records gross sales of $3,100 at seven shows and incurs and pays ordinary and necessary expenses of $5,200. On Anne's 2021 Form 104, she must report ... A Gross revenue of $3,100, but can deduct $3,100 "for AGI." B Gross revenue of $3,100, but can deduct $5,200 "for AGI." C Gross revenue of $3,100, but can deduct $5,200 "from AGI." D Gross revenue of $3,100, but can deduct zero on Form 1040 E None of the above Which of the listed items would normally be included in gross income? 1. A radio quiz show vacation prize (value $1,500 ) 2. A $100 cash payment received as an employee safety award 3. A new watch (value $100 ) received by an employee upon attainment of four years with his/her new employer A. Item 1 only B. Item 2 only C. Item 3 only D. Item 1, Item 2, and Item 3 all would be included in gross income E. None of the above answers are correct

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