On April 5, 2023, Kinsey places in service a new automobile that cost $70,000. He does not elect § 179 expensing, and he elects not to take any available additional first-year depreciation. The car is used 75% for business and 25% 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. Compute the total depreciation allowed for:
On April 5, 2023, Kinsey places in service a new automobile that cost $70,000. He does not elect § 179 expensing, and he elects not to take any available additional first-year depreciation. The car is used 75% for business and 25% 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. Compute the total depreciation allowed for:
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter5: Business Deductions
Section: Chapter Questions
Problem 9CE
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![On April 5, 2023, Kinsey places in service a new automobile that cost $70,000. He does not elect § 179 expensing, and he elects not to
take any available additional first-year depreciation. The car is used 75% for business and 25% 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.
Compute the total depreciation allowed for:
2023:
2024:
x
x
༢།](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9948bfad-9702-43a0-abbc-72bf762cba56%2F3ad031e0-0b0f-4028-80e5-c1a5b4d440cf%2Ftr88ko_processed.jpeg&w=3840&q=75)
Transcribed Image Text:On April 5, 2023, Kinsey places in service a new automobile that cost $70,000. He does not elect § 179 expensing, and he elects not to
take any available additional first-year depreciation. The car is used 75% for business and 25% 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.
Compute the total depreciation allowed for:
2023:
2024:
x
x
༢།
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