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property. Assume half-year convention. Assume no section 179, but Joes does use the

property. Assume half-year convention. Assume no section 179, but Joes does use the

FINANCIAL ACCOUNTING
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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QUESTION 17 Joe purchases an $80,000 automobile that he uses 90% for work. It is a 5-year property. Assume half-year convention. Assume no section 179, but Joes does use the automatic additional depreciation (aka bonus depreciation). The luxury auto IRS tables states $18,100 is the current years celling for passenger vehicles What is the depreciation deduction for the current year? $18,100 O $16,290 O $72,000 O $14,400
Transcribed Image Text:QUESTION 17 Joe purchases an $80,000 automobile that he uses 90% for work. It is a 5-year property. Assume half-year convention. Assume no section 179, but Joes does use the automatic additional depreciation (aka bonus depreciation). The luxury auto IRS tables states $18,100 is the current years celling for passenger vehicles What is the depreciation deduction for the current year? $18,100 O $16,290 O $72,000 O $14,400
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