Tracy acquires an automobile (MACRS 5-year recovery) on March 1, 2023. He uses the automobile 70% in

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Tracy acquires an automobile (MACRS 5-year recovery) on March 1, 2023. He uses the automobile 70% in his business and 30% for personal use.

The automobile cost $$76,000.$ No amount is expensed under Tracy elects out of bonus depreciation.

a. What is depreciation for 2023 and each subsequent year?

b. How would your answer to Part a change if the vehicle were a SUV with a gross vehicle weight rated (GVWR) of over 6,000 pounds and Tracy elected to expense the SUV?

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Pearsons Federal Taxation 2024 Individuals

ISBN: 9780138238100

37th Edition

Authors: Mitchell Franklin, Luke E. Richardson

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Question Posted: Apr 08, 2024 02:00 AM

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Tracy acquires an automobile (MACRS 5-year recovery) on March 1, 2023. He uses the automobile 70% in

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Pearsons Federal Taxation 2024 Individuals

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