On April 5, 2022, Kinsey places in service a new automobile that cost $60,000. He does not
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On April 5, 2022, Kinsey places in service a new automobile that cost $60,000. He does not elect § 179 expensing, and he elects not to take any available additional first-year depreciation. The car is used 70% for business and 30% for personal use in each tax year.
Kinsey chooses the MACRS 200% declining-balance method of cost recovery (the auto is a 5-year asset). Assume the following luxury automobile limitations: year 1: $10,200; year 2: $16,400. Compute the total depreciation allowed for 2022 and 2023.
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The law places special limitations on cost recovery deductions for passenger automobiles The l...View the full answer
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South Western Federal Taxation 2023 Comprehensive Volume
ISBN: 9780357719688
46th Edition
Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young
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