Required information [The following information applies to the questions displayed below] Lina purchased a new car for use in her business during 2023. The auto was the only business asset she purchased during the year, and her business was extremely profitable. Calculate her maximum depreciation deductions (including §179 expense unless stated otherwise) for the automobile in 2023 and 2024 (Lina doesn't want to take bonus depreciation for 2023 or 2024) in the following alternative scenarios (assuming half-year convention for all): (Use MACRS Table 1. Table 2, and Exhibit 10-10.) d. The vehicle cost $80,000, and she used it 80 percent for business. She sold it on March 1 of year 2 Answer is complete but not entirely correct. Year Depreciation deduction 2023 S 8,960 X 2024 $ 25,600 x
Required information [The following information applies to the questions displayed below] Lina purchased a new car for use in her business during 2023. The auto was the only business asset she purchased during the year, and her business was extremely profitable. Calculate her maximum depreciation deductions (including §179 expense unless stated otherwise) for the automobile in 2023 and 2024 (Lina doesn't want to take bonus depreciation for 2023 or 2024) in the following alternative scenarios (assuming half-year convention for all): (Use MACRS Table 1. Table 2, and Exhibit 10-10.) d. The vehicle cost $80,000, and she used it 80 percent for business. She sold it on March 1 of year 2 Answer is complete but not entirely correct. Year Depreciation deduction 2023 S 8,960 X 2024 $ 25,600 x
Chapter14: Property Transact Ions: Capital Gains And Losses, § 1231, And Recapture Provisions
Section: Chapter Questions
Problem 34CE
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![Required information
[The following information applies to the questions displayed below]
Lina purchased a new car for use in her business during 2023. The auto was the only business asset she purchased
during the year, and her business was extremely profitable. Calculate her maximum depreciation deductions (including
§179 expense unless stated otherwise) for the automobile in 2023 and 2024 (Lina doesn't want to take bonus depreciation
for 2023 or 2024) in the following alternative scenarios (assuming half-year convention for all): (Use MACRS Table 1.
Table 2, and Exhibit 10-10.)
d. The vehicle cost $80,000, and she used it 80 percent for business. She sold it on March 1 of year 2
Answer is complete but not entirely correct.
Year
Depreciation
deduction
2023
S
8,960 X
2024
$
25,600 x](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F993951a4-c53e-4a37-a142-bae8847cc555%2F6f5dc305-6253-4ef1-a893-646773eaf1a3%2F1f6abep_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below]
Lina purchased a new car for use in her business during 2023. The auto was the only business asset she purchased
during the year, and her business was extremely profitable. Calculate her maximum depreciation deductions (including
§179 expense unless stated otherwise) for the automobile in 2023 and 2024 (Lina doesn't want to take bonus depreciation
for 2023 or 2024) in the following alternative scenarios (assuming half-year convention for all): (Use MACRS Table 1.
Table 2, and Exhibit 10-10.)
d. The vehicle cost $80,000, and she used it 80 percent for business. She sold it on March 1 of year 2
Answer is complete but not entirely correct.
Year
Depreciation
deduction
2023
S
8,960 X
2024
$
25,600 x
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