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Business, 13.12.2021 23:10 JvGaming2001

James purchased office equipment for his business. The equipment has a depreciable basis of $14,000 and was put in service on June 1, 2020. James decides to elect straight-line depreciation under MACRS for the asset over the minimum number of years (7 years), and does not use bonus depreciation or make the election to expense. What is the amount of his depreciation deduction for the equipment for the 2020 tax year? a. $2,000
b. $1,000
c. $500
d. $0
e. None of the above

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James purchased office equipment for his business. The equipment has a depreciable basis of $14,000...
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