! Required information Problem 10-65 (LO 10-3) (Algo) [The following information applies to the questions displayed below.] Phil owns a ranch business and uses four-wheelers to do much of his work. Occasionally, though, he and his boys will go for a ride together as a family activity. During year 1, Phil put 1,281 miles on the four-wheeler that he bought on January 15 for $11,200. Of the miles driven, only 241 miles were for personal use. Assume four-wheelers qualify to be depreciated according to the five-year MACRS schedule and the four-wheeler was the only asset Phil purchased this year. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Problem 10-65 Part b (Algo) b. Calculate the allowable depreciation for year 2 if total miles were 1,415 and personal-use miles were 665 (ignore the §179 expense and bonus depreciation). Depreciation deduction
! Required information Problem 10-65 (LO 10-3) (Algo) [The following information applies to the questions displayed below.] Phil owns a ranch business and uses four-wheelers to do much of his work. Occasionally, though, he and his boys will go for a ride together as a family activity. During year 1, Phil put 1,281 miles on the four-wheeler that he bought on January 15 for $11,200. Of the miles driven, only 241 miles were for personal use. Assume four-wheelers qualify to be depreciated according to the five-year MACRS schedule and the four-wheeler was the only asset Phil purchased this year. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Problem 10-65 Part b (Algo) b. Calculate the allowable depreciation for year 2 if total miles were 1,415 and personal-use miles were 665 (ignore the §179 expense and bonus depreciation). Depreciation deduction
Chapter7: Losses—deductions And Limitations
Section: Chapter Questions
Problem 86TA
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Required information
Problem 10-65 (LO 10-3) (Algo)
[The following information applies to the questions displayed below.]
Phil owns a ranch business and uses four-wheelers to do much of his work. Occasionally, though, he and his boys will go
for a ride together as a family activity. During year 1, Phil put 1,281 miles on the four-wheeler that he bought on January 15
for $11,200. Of the miles driven, only 241 miles were for personal use. Assume four-wheelers qualify to be depreciated
according to the five-year MACRS schedule and the four-wheeler was the only asset Phil purchased this year. (Use MACRS
Table 1, Table 2, Table 3, Table 4 and Table 5.)
Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.
Problem 10-65 Part b (Algo)
b. Calculate the allowable depreciation for year 2 if total miles were 1,415 and personal-use miles were 665 (ignore the §179 expense
and bonus depreciation).
Depreciation deduction](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F961f67f6-9fcd-4ebe-9a13-bea361f7b738%2F19812b01-6f62-4be6-b94c-c557cc5e83be%2Fnz7yvzg_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
Required information
Problem 10-65 (LO 10-3) (Algo)
[The following information applies to the questions displayed below.]
Phil owns a ranch business and uses four-wheelers to do much of his work. Occasionally, though, he and his boys will go
for a ride together as a family activity. During year 1, Phil put 1,281 miles on the four-wheeler that he bought on January 15
for $11,200. Of the miles driven, only 241 miles were for personal use. Assume four-wheelers qualify to be depreciated
according to the five-year MACRS schedule and the four-wheeler was the only asset Phil purchased this year. (Use MACRS
Table 1, Table 2, Table 3, Table 4 and Table 5.)
Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.
Problem 10-65 Part b (Algo)
b. Calculate the allowable depreciation for year 2 if total miles were 1,415 and personal-use miles were 665 (ignore the §179 expense
and bonus depreciation).
Depreciation deduction
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