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Alicia was involved in an automobile accident in 2019. Her car was used 60% for business and 40% for personal use. The car had originally cost $40,000. At the time of the accident, the car was worth $20,000 and Alicia had taken $8,000 of depreciation. The car was totally destroyed and Alicia had let her car insurance expire. If her AGI is $50,000 (before considering the loss), determine her AGI and itemized deduction for the casualty loss.
a.$26,000; $5,700.
b.$34,000; $-0-.
c.$34,000; $4,500.
d.$50,000; $-0-.
e.None of these

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Answer:

Take a look to the following explanation

Explanation:

Part 1

False

The maximum limit of the 179 deduction is $1,000,000 in 2019 and it cannot exceed that in any case.

Part 2

Option A $4500

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