On April 30, 2019, Leo purchased and placed in service a new car that cost $76,200. The business use percentage for the car is always 100%. He does not take the additional first-year depreciation or any § 179. If required, round your answers to the nearest dollar. a. What MACRS convention applies to the new car? Half-year. b. Is the automobile considered "listed property"? Yes. c. Leo's cost recovery deduction in 2019 is $_______ and for 2020 is $_______

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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On April 30, 2019, Leo purchased and placed in service a new car that cost $76,200. The business use percentage for the car is always 100%. He does not take the additional first-year depreciation or any § 179.

If required, round your answers to the nearest dollar.

a. What MACRS convention applies to the new car? Half-year.

b. Is the automobile considered "listed property"? Yes.

c. Leo's cost recovery deduction in 2019 is $_______ and for 2020 is $_______.

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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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