On March 15, 2022, Helen purchased and placed in service a new Escalade. The purchase price was
Question:
On March 15, 2022, Helen purchased and placed in service a new Escalade. The purchase price was $62,000, and the vehicle had a rating of 6,500 GVW. The vehicle was used 100% for business.
a. Assuming that Helen does not use additional first-year depreciation, calculate the total depreciation deduction that she can take on the vehicle for 2022.
b. What would your answer be if Helen decided to take additional first-year depreciation?
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a Because the Escalade has a GVW rating in excess of 6000 pounds it is not a passenger automobile a...View the full answer
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Related Book For 
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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