Fum Problem 8-10 Modified Accelerated Cost Recovery System (MACRS), Listed Property. Limitation on Depreciation of Luxury Automobiles (LO 8-2, 8.4.8.5) On September 14, 2020, Jay purchased a passenger automobile that is used 75 percent in his business. The automobile has a basis for depreciation purposes et 545,000, and day uses the accelerated method under MACRS Jay does not elect to expense under section 179 Click here to access the depreciation table and elick here to access the annual automobile depreciation limitations Calculate Jay's depreciation deduction for 2020 assuming bonus depreciation