On November 7, 2019, Wilson Corporation acquires 7-year property for $25,000.This is the only property acquired this year and neither Section 179 expensing nor bonus depreciation were claimed.What is Wilson's total depreciation deduction for 2019?

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The correct answer is A.The total depreciation deduction for 2019 is $893. This is calculated by taking the cost of the property ($25,000) and dividing it by the number of years in the property's class life (7). This gives us an annual depreciation deduction of $3,571.43. However, since the property was acquired on November 7, 2019, only a portion of the annual depreciation deduction is deductible in 2019. This is calculated by taking the annual depreciation deduction and multiplying it by the number of days the property was in service during 2019 (55 days). This gives us a total depreciation deduction for 2019 of $892.86.

On November 7, 2019, Wilson Corporation Acquires 7-Year Property for $25,000.This