Jane is a CPA in practice and purchases a Mercedes GL Class SUV that weighs over 6,000 lbs for $120,000 to be used 100% for her Accounting practice in 2023. She has taxable income of $ 200,000 before any deductions for the vehicle. She would like to take the greatest deduction possible for the truck in 2023. How much is her maximum depreciation deduction, including bonus and Sec. 179, for Jane in 2023 for the truck?

Jane is a CPA in practice and purchases a Mercedes GL Class SUV that weighs over 6,000 lbs for $120,000 to be used 100% for her Accounting practice in 2023. She has taxable income of $ 200,000 before any deductions for the vehicle. She would like to take the greatest deduction possible for the truck in 2023. How much is her maximum depreciation deduction, including bonus and Sec. 179, for Jane in 2023 for the truck?

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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