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Question7 5 pts During 2018, Travis purchases $13,000 of used manufacturing equipment (7-year property) for...

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Question7 5 pts During 2018, Travis purchases $13,000 of used manufacturing equipment (7-year property) for use in his business, his only asset purchase that year. Travis has taxable income from his business of $51,000 before any cost recovery. What is the maximum amount that Travis may deduct under the election to expense? $500,000 O so $13.000 $25,000 O $500,000 O None of the above Question 8 5 pts The office building Donna owned and used for her desk-top publishing business was destroyed by a hurricane. Although the basis of the building was $80.000, Donna carried replacement cost insurance and received $160,000 from the insurance company after it was determined that the building was a complete loss. It cost her $152.000 to rebuild the store in the current year a. Calculate Donna's recognized gain, assuming an election under the involuntary conversion provision is made b. Calculate Donna's basis in the replacement building. HTMI Editon Paragraph

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