On Apri 30, 2020, Ployd purchased and placed in service a new $30,000 car. The car was used 60% for business, 20% for production of income, and 20% for personal use in 2020. In 2021, the usage changed to 40% for business, 30% for production of income, and 30% for personal use. Floyd did not elect immediate expensing under 5 179. He elects not to take additional first-year depreciation. If required, round your answers to the nearest dollar. Click here to access the cost recovery tables of the textbook. Assume the following luxury automobile limitations: year 1: $10,100; year 2: 116.190
On Apri 30, 2020, Ployd purchased and placed in service a new $30,000 car. The car was used 60% for business, 20% for production of income, and 20% for personal use in 2020. In 2021, the usage changed to 40% for business, 30% for production of income, and 30% for personal use. Floyd did not elect immediate expensing under 5 179. He elects not to take additional first-year depreciation. If required, round your answers to the nearest dollar. Click here to access the cost recovery tables of the textbook. Assume the following luxury automobile limitations: year 1: $10,100; year 2: 116.190
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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