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On April 5, 2021, Kinsey places in service a new automobile that cost $49,250. He does not elect 179 expensing, and he elects not to take any available additional first-year depreciation. The car is used 90% for business and 10% 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). Click here to access the depreciation table to use for this problem. Assume the following luxury automobile limitations: year 1: $10,100; year 2: $16,100. If required, round your final answers to the nearest dollar. Compute the total depreciation allowed for: 2021: $ 8,865 2022: $ 0 x In 2018, Jos purchased a house for $203,200. He used the house as his personal residence. In December 2021, when the fair market value of the house was $346,900, he converted the house to rental property. If required, round your answers to the nearest dollar. Click here to access depreciation tables in the textbook. a. Jos's basis for cost recovery for the property is $ 203,200 b. Under MACRS, the cost recovery period for residential rental real estate is 27.5 years, and it is subject to the mid-month convention. C. The cost recovery for 2021 is $ 5,850 x On August 2, 2021, Wendy purchased a new office building for $3,800,000. On October 1, 2021, she began to rent out office space in the building. On July 15, 2025, Wendy sold the office building. If required, round your answers to the nearest dollar. Click here to access the depreciation table to use for this problem. a. What MACRS convention applies to the new office building? Mid-month b. What is the life of the asset for MACRS? 39 years c. Determine Wendy's cost recovery deduction for 2021 and 2025. 2021: $ 2025: $