In April of 2021, Bill purchased a new automobile for $90,000 that will be used 100% for business. If Bill did NOT have to consider the limitations for depreciation on automobiles, he would be able to deduct $ _____in regular MACRS depreciation and bonus depreciation the first year. However, he will only be able to deduct S _____due to the luxury limitations (considering allowable bonus depreciation).

In April of 2021, Bill purchased a new automobile for $90,000 that will be used 100% for business. If Bill did NOT have to consider the limitations for depreciation on automobiles, he would be able to deduct $ _in regular MACRS depreciation and bonus depreciation the first year. However, he will only be able to deduct S _due to the luxury limitations (considering allowable bonus depreciation).

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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