Lina purchased a new car for use in her business during 2023. 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 2023 and 2024 (Lina doesn't want to take bonus depreciation for 2023 or 2024) 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 f (Algo) f. The vehicle cost $82,600, and is an SUV that weighs 6,500 pounds. Business use was 100 percent. Answer is complete but not entirely correct. Year Depreciation deduction 2023 $ 16,840x 2024 $ 19,500
Lina purchased a new car for use in her business during 2023. 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 2023 and 2024 (Lina doesn't want to take bonus depreciation for 2023 or 2024) 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 f (Algo) f. The vehicle cost $82,600, and is an SUV that weighs 6,500 pounds. Business use was 100 percent. Answer is complete but not entirely correct. Year Depreciation deduction 2023 $ 16,840x 2024 $ 19,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Vishnu
Transcribed Image Text:Lina purchased a new car for use in her business during 2023. 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 2023 and 2024 (Lina doesn't want to take bonus depreciation
for 2023 or 2024) 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 f (Algo)
f. The vehicle cost $82,600, and is an SUV that weighs 6,500 pounds. Business use was 100 percent.
Answer is complete but not entirely correct.
Year
Depreciation
deduction
2023
S
16,840x
2024
$
19,500x
13
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