T or F The 179 deduction can exceed 1,020,000 in 2019 if the taxpayer has a 179 amount that exceeded the taxable income limitation in the prior year


2: 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 Alicia’s AGI is $50,000 (before considering the loss), determine her itemized deduction for the casualty loss. a: $34,000; $0 b: $50,000; $0 c: $34,000; $4,500 d: $26,000; $5,700 e: none of these