A taxpayer is placing a vehicle into service at a cost basis of $45,000 and which is used 100% for business purposes. This vehicle is subject to limits on passenger vehicles under Section 280F. What is the maximum amount of depreciation that can be claimed for this vehicle if the taxpayer also uses bonus depreciation on the first year of use for TY2023?

Answer rating: 100% (QA)

When a taxpayer places a passenger vehicle into service that is used 100 for business purposes the d... View the full answer