On April 30, 2021, Leo purchased and placed in service a new car that cost $69,600. The busi 100%. He does not take the additional first-year depreciation or any § 179. If required, round your answers to the nearest dollar. Click here to access the depreciation table of the textbook. Click here to access the limits for certain automobiles. a. What MACRS convention applies to the new car? Half-year b. Is the automobile considered "listed property"? Yes Leo's cost recovery deduction in 2021 is $ 10,000 X and for 2022 is $ 16,000 X.

On April 30, 2021, Leo purchased and placed in service a new car that cost $69,600. The busi 100%. He does not take the additional first-year depreciation or any § 179. If required, round your answers to the nearest dollar. Click here to access the depreciation table of the textbook. Click here to access the limits for certain automobiles. a. What MACRS convention applies to the new car? Half-year b. Is the automobile considered "listed property"? Yes Leo's cost recovery deduction in 2021 is $ 10,000 X and for 2022 is $ 16,000 X.

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion

Section: Chapter Questions

Problem 47P

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On June 1, 2021, Leo purchased and placed in service a new car that cost $69,600. The business use percentage for the car is always 100%. He does not take the additional first-year depreciation or any § 179. If required, round your answers to the nearest dollar. Click here to access the depreciation table of the textbook. Click here to access the limits for certain automobiles. a. What MACRS convention applies to the new car? Half-year b. Is the automobile considered "listed property"? Yes c. Leo's cost recovery deduction in 2021 is $fill in the blank 3 and for 2022 is $fill in the blank 4.
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