Problem 8-12 Modified Accelerated Cost Recovery System (MACRS) and Bonus Depreciation, Listed Property, Limitation on Depreciation of Luxury Automobiles (LO 8.2, 8.4, 8.5) On September 14, 2023, Yun purchased a passenger automobile that is used 75 percent in his business. The automobile has a basis for depreciation purposes of $48,000, and Yun uses the accelerated method under MACRS. Yun does not elect to expense under section 179. Click here to access the depreciation table and click here to access the annual automobile depreciation limitations. Calculate Yun's depreciation deduction for 2023 assuming bonus depreciation.

Problem 8-12 Modified Accelerated Cost Recovery System (MACRS) and Bonus Depreciation, Listed Property, Limitation on Depreciation of Luxury Automobiles (LO 8.2, 8.4, 8.5) On September 14, 2023, Yun purchased a passenger automobile that is used 75 percent in his business. The automobile has a basis for depreciation purposes of $48,000, and Yun uses the accelerated method under MACRS. Yun does not elect to expense under section 179. Click here to access the depreciation table and click here to access the annual automobile depreciation limitations. Calculate Yun's depreciation deduction for 2023 assuming bonus depreciation.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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