Please Solve In 15mins I will Thumbs-up Alyssa bought a machine (7-year property) for her business on May 5, 2021 for $6.400. She uses themachine 75% of the time in her business and her personal use is 25%. This is the only business assetshe acquired in 2021. What is the amount of depreciation she can deduct for 2021 for this machine,assuming she does not elect to use Section 179 and she elects out of Bonus depreciation for the year?$686O $4,800O $960O $915O $6.400 Which of the following statements is false?"Luxury automobiles have a maximum depreciation limit for each year.O The tax law limits the allowable depreciation on listed property to the portion of the asset used for businesspurposes.O Business assets that tend to be used for both business and personal purposes are referred to as listed propertyO Depreciation on automobiles weighing more than 6,000 pounds gross vehicle weight is subject to luxuryautomobile provisions.

Under MACRS, the first year depreciation rate for 7-year property is 14.29%. As the machine has been…

Alyssa bought a machine (7-year property) for her business on May 5, 2021 for $6.400. She uses the machine 75% of the time in her business and her personal use is 25%. This is the only business asset she acquired in 2021. What is the amount of depreciation she can deduct for 2021 for this machine, assuming she does not elect to use Section 179 and she elects out of Bonus depreciation for the year? $686 $4,800 O $960 O $915 O $6.400

Alyssa bought a machine (7-year property) for her business on May 5, 2021 for $6.400. She uses the machine 75% of the time in her business and her personal use is 25%. This is the only business asset she acquired in 2021. What is the amount of depreciation she can deduct for 2021 for this machine, assuming she does not elect to use Section 179 and she elects out of Bonus depreciation for the year? $686 $4,800 O $960 O $915 O $6.400

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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