Discussion Topic 1: Depreciation
John paid $300,000 for a very old guitar that belonged originally to an accomplished musician. Since John is also extremely talented and is blessed with an amazing voice, he not only believes this guitar to be a great investment, but intends to play it at local eating and drinking establishments. John has now asked you whether he can deduct this guitar as a business use asset. What would you advise him, and why or why not? Would there be any limits to the deductions?
Provide specific details in your response to support your opinions.
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