Tracy acquires an automobile (MACRS 5-year recovery) on March 1, 2022. He uses the automobile 70% in

Question:

Tracy acquires an automobile (MACRS 5-year recovery) on March 1, 2022. He uses the automobile 70% in his business and 30% for personal use. The automobile cost $76,000. No amount is expensed under Sec. 179, and Tracy elects out of bonus depreciation.
a. What is depreciation for 2022 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 under Sec. 179?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Pearsons Federal Taxation 2023 Comprehensive

ISBN: 9780137840656

36th Edition

Authors: Timothy J. Rupert, Kenneth E. Anderson, David S Hulse

Question Posted: