Question: A and B please Required information Problem 10-67 (LO 10-3) (Algo) [The following information applies to the questions displayed below] Lina purchased a new car
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Required information Problem 10-67 (LO 10-3) (Algo) [The following information applies to the questions displayed below] Lina purchased a new car for use in her business during 2023. The auto was the only business asset she purchased during the year, and her business was extremely profitable. Calculate her maximum depreciation deductions (including 5179 expense unless stated otherwise) for the automobile in 2023 and 2024 (Lina doesn't want to take bonus depreclation for 2023 or 2024 ) in the following alternative scenarios (assuming half-year convention for all); (Use MACRS Table 1. Table 2, and Exhibit 10-10.) Problem 10-67 Part a (Algo) a. The vehicle cost $35,400, and business use is 100 percent (ignore 5179 expense). Required information Problem 10-67 (LO 10-3) (Algo) [The following information applies to the questions displayed below] Lina purchased a new car for use in her business during 2023. The auto was the only business asset she purchased during the year, and her business was extremely profitable. Calculate her maximum depreciation deductions fincluding $179 expense unless stated otherwise) for the automobile in 2023 and 2024 (Lina doesn't want to take bonus depreciation for 2023 or 2024) in the following alternative scenarios (assuming half-year convention for all): (Use MACRS Table 1. Table 2, and Exhibit 10-10.) Problem 10-67 Part b (Algo) b. The vehicle cost $80,400, and business use is 100 percent. Table 1 MACRS Half-Year Convention TABLE 2c MACRS Mid-Quarter Convention: For property placed in service during the third quarter EXHIBIT 10-10 Automobile Depreciation Limits **\$8,000 additional depreciation is allowed when bonus depreciation is claimed [$168(k)(2)(F)]
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