On June 1, 2021, Leo purchased and placed in service a new car that cost $69,600. The business usepercentage 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 ofthe textbook. Click here to access the limits for certain automobiles. a. What MACRS convention appliesto the new car? Half-year b. Is the automobile considered "listed property"? Yes c. Leo's cost recoverydeduction in 2021 is $fill in the blank 3 and for 2022 is $fill in the blank 4.

Under the Section 179 depreciation elected of MACRS, the maximum amount of limit for first year (1st…

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

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

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion

Section: Chapter Questions

Problem 27CE

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