Lina purchased a new car for use in her business during 2021. The auto was the only business asset she purchased during the year, and her business was extremely profitable. Calculate her maximum depreciation deductions (including $179 expense unless stated otherwise) for the automobile in 2021 and 2022 (Lina doesn't want to take bonus depreciation for 2021 or 2022) in the following alternative scenarios (assuming half-year convention for all (Use MACRS Table 1. Table 2. and Exhibit 10-10) Problem 10-67 Part a (Algo) a. The vehicle cost $35,500, and business use is 100 percent (ignore $179 expense). Year Depreciation deduction 2021 $ 25 2022 $ Lina purchased a new car for use in her business during 2021. The auto was the only business asset she purchased during the year, and her business was extremely profitable. Calculate her maximum depreciation deductions (including $179 expense unless stated otherwise) for the automobile in 2021 and 2022 (Lina doesn't want to take bonus depreciation for 2021 or 2022) in the following alternative scenarios (assuming half-year convention for all (Use MACRS Table 1. Table 2. and Exhibit 10-10.) Problem 10-67 Part b (Algo) b. The vehicle cost $80,100, and business use is 100 percent. Year Depreciation deduction 2021 2022
Lina purchased a new car for use in her business during 2021. The auto was the only business asset she purchased during the year, and her business was extremely profitable. Calculate her maximum depreciation deductions (including $179 expense unless stated otherwise) for the automobile in 2021 and 2022 (Lina doesn't want to take bonus depreciation for 2021 or 2022) in the following alternative scenarios (assuming half-year convention for all (Use MACRS Table 1. Table 2. and Exhibit 10-10) Problem 10-67 Part a (Algo) a. The vehicle cost $35,500, and business use is 100 percent (ignore $179 expense). Year Depreciation deduction 2021 $ 25 2022 $ Lina purchased a new car for use in her business during 2021. The auto was the only business asset she purchased during the year, and her business was extremely profitable. Calculate her maximum depreciation deductions (including $179 expense unless stated otherwise) for the automobile in 2021 and 2022 (Lina doesn't want to take bonus depreciation for 2021 or 2022) in the following alternative scenarios (assuming half-year convention for all (Use MACRS Table 1. Table 2. and Exhibit 10-10.) Problem 10-67 Part b (Algo) b. The vehicle cost $80,100, and business use is 100 percent. Year Depreciation deduction 2021 2022
Chapter3: Income Sources
Section: Chapter Questions
Problem 86P
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Transcribed Image Text:Lina purchased a new car for use in her business during 2021. The auto was the only business asset she purchased
during the year, and her business was extremely profitable. Calculate her maximum depreciation deductions (including
$179 expense unless stated otherwise) for the automobile in 2021 and 2022 (Lina doesn't want to take bonus
depreciation for 2021 or 2022) in the following alternative scenarios (assuming half-year convention for all
(Use MACRS Table 1. Table 2, and Exhibit 10-10.)
Problem 10-67 Part a (Algo)
a. The vehicle cost $35,500, and business use is 100 percent (ignore $179 expense).
Year
Depreciation
deduction
2021
$
0
2022
$
Lina purchased a new car for use in her business during 2021. The auto was the only business asset she purchased
during the year, and her business was extremely profitable. Calculate her maximum depreciation deductions (including
$179 expense unless stated otherwise) for the automobile in 2021 and 2022 (Lina doesn't want to take bonus
depreciation for 2021 or 2022) in the following alternative scenarios (assuming half-year convention for all):
(Use MACRS Table 1. Table 2. and Exhibit 10-10.)
Problem 10-67 Part b (Algo)
b. The vehicle cost $80,100, and business use is 100 percent.
Year
Depreciation
deduction
2021
2022
25
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