As of the beginning of Year 3, Wolf, Inc. has a written accounting policy to expense amounts paid for tangible property costing up to USD8,000. Wolf also has an applicable financial statement for the year. During Year 3, Wolf pays USD12,000 for three pieces of office furniture that cost USD4,000 each and have an economic life of five years. Under the de minimis rule, how much can Wolf deduct for tax purposes in Year 3?
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