Exercise 8-25 (LO. 4) On April 5, 2023, Kinsey places in service a new automobile that cost $70,000. He does not elect § 179 expensing, and he elects not to take any available additional first-year depreciation. The car is used 75% for business and 25% for personal use in each tax year. Kinsey uses the regular MACRS method of cost recovery (the auto is a 5-year asset). Click here to access the depreciation table to use for this problem. Compute the total depreciation allowed for: 2023: 2024:
Exercise 8-25 (LO. 4) On April 5, 2023, Kinsey places in service a new automobile that cost $70,000. He does not elect § 179 expensing, and he elects not to take any available additional first-year depreciation. The car is used 75% for business and 25% for personal use in each tax year. Kinsey uses the regular MACRS method of cost recovery (the auto is a 5-year asset). Click here to access the depreciation table to use for this problem. Compute the total depreciation allowed for: 2023: 2024:
Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion
Section: Chapter Questions
Problem 27CE: LO.4 On April 5, 2019, Kinsey places in service a new automobile that cost 60,000. He does not elect...
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![Exercise 8-25 (LO. 4)
On April 5, 2023, Kinsey places in service a new automobile that cost $70,000. He does not elect § 179 expensing, and he elects not to
take any available additional first-year depreciation. The car is used 75% for business and 25% for personal use in each tax year. Kinsey
uses the regular MACRS method of cost recovery (the auto is a 5-year asset).
Click here to access the depreciation table to use for this problem.
Compute the total depreciation allowed for:
2023:
2024:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd2a52407-5217-4649-b0a1-d98b2c396783%2F0b6556a3-b2da-4bec-9dd9-880abc2699eb%2Fsltkxv_processed.png&w=3840&q=75)
Transcribed Image Text:Exercise 8-25 (LO. 4)
On April 5, 2023, Kinsey places in service a new automobile that cost $70,000. He does not elect § 179 expensing, and he elects not to
take any available additional first-year depreciation. The car is used 75% for business and 25% for personal use in each tax year. Kinsey
uses the regular MACRS method of cost recovery (the auto is a 5-year asset).
Click here to access the depreciation table to use for this problem.
Compute the total depreciation allowed for:
2023:
2024:
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