Question

A taxpayer can depreciate property under all of the following circumstances except:__________.A. He or she made a down payment to purchase rental property and assumed the previous owner's mortgageB. He or she bought a new van that he or she will use only for his or her courier business and he or she will be making payments on the van over the next 5 yearsC. He or she bears the burden of exhaustion of the capital investment in a leased propertyD. He or she leases property from someone to use in his or her trade or business or for the production of income

Answer 1

Answer:

The answer is "Option D"

Explanation:

In this question, throughout the situations which follow, a taxpayer can fall in value assets except that property is leased by another to be used in the trade or business of the individual or to generate income. In this, any shareholders of the professional are not puttering business. It is often a smart step, although from a tax viewpoint from a business point of view.