Which of the following statements regarding depreciation on luxury automobiles and personal - use property is false? A. The limitations are indexed for inflation for passenger automobiles placed
Which of the following statements regarding depreciation on luxury automobiles and personal - use property is false? A. The limitations are indexed for inflation for passenger automobiles placed
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Which of the following statements regarding depreciation on luxury automobiles and personal -
use property is false? A. The limitations are indexed for inflation for passenger automobiles placed
in service after 2018. B. Bonus depreciation is limited to $8,000 for passenger automobiles
placed in service after December 31, 2017. C. Deduction is limited to the business - use
percentage of the dollar limitation amount applicable with reference to the year placed in service.
D. The lease of a car for business use is not deductible.
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