On May 1 , 2020, Helen places in service a new automobile that cost $25,000. It was the only asset placed in service that year. The car is used 60% for business and 40% for personal use. (Assume this percentage is maintained for the life of the car.) She does not take additional first-year depreciation. Determine the cost recovery deduction on the car for 2021
On May 1 , 2020, Helen places in service a new automobile that cost $25,000. It was the only asset placed in service that year. The car is used 60% for business and 40% for personal use. (Assume this percentage is maintained for the life of the car.) She does not take additional first-year depreciation. Determine the cost recovery deduction on the car for 2021
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter5: Business Deductions
Section: Chapter Questions
Problem 9CE
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On May 1 , 2020, Helen places in service a new automobile that cost $25,000. It was the only asset placed in service that year. The car is used 60% for business and 40% for personal use. (Assume this percentage is maintained for the life of the car.) She does not take additional first-year depreciation. Determine the cost recovery deduction on the car for 2021
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