On April 5, 2023, Kinsey places in service a new automobile that cost $58,250. He does not elect § 179 expensing, and he elects not to take any available additional first-year depreciation. The car is used 95% for business and 5% for personal use in each tax year. Kinsey uses the regular MACRS method of cost recovery (the auto is a 5-year asset). Click here to access the depreciation table to use for this problem. If required, round your final answers to the nearest dollar. Compute the total depreciation allowed for: 2023: 2024: $
On April 5, 2023, Kinsey places in service a new automobile that cost $58,250. He does not elect § 179 expensing, and he elects not to take any available additional first-year depreciation. The car is used 95% for business and 5% for personal use in each tax year. Kinsey uses the regular MACRS method of cost recovery (the auto is a 5-year asset). Click here to access the depreciation table to use for this problem. If required, round your final answers to the nearest dollar. Compute the total depreciation allowed for: 2023: 2024: $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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