$1.$ Discuss the difference between personal property and personal use property.

$2.$ Discuss the computation of cost recovery in the year an asset is placed in service when the mid$-$quarter convention is being used.

$3.$ Discuss the computation of cost recovery in the year of sale of an asset when the mid$-$quarter convention is being used.

$4.$ Discuss how the limits on cost recovery apply to listed property.

$5.$ Hamlet places in service a $7-$year class asset on November $23,2023,$ for $$100,000($the only asset acquired during the year$).$ Hamlet does not elect immediate expensing under $179.$ He does not claim any available additional first$-$year depreciation. Calculate Hamlet$$s cost recovery deductions for $2023$ and $2024.$

$6.$ Lopez acquired and placed in service a building on June $1,2018,$ for $$1,000,000.$ Calculate Lopez$$s cost recovery deduction for $2023$ if the building is:

a$.$ Classified as residential rental real estate.

b$.$ Classified as nonresidential real estate.

$7.$ On October $1,2023,$ Ver$$nica purchased a business. Of the purchase price, $$60,000$ is allocated to a patent and $$375,000$ is allocated to goodwill. Calculate Ver$$nica$$s $2023197$ amortization deduction.

$8.$ Martha was considering starting a new business. During her preliminary investigations related to the new venture, she incurred the following expenditures.

Salaries $$22,000$

Travel $18,000$

Interest on short$-$term note $4,000$

Professional fees $13,000$

Martha begins the business on July $1$ of the current year. If Martha elects $195$ treatment, determine her startup expenditure deduction for the current year.