On April $1,2024,$ Titan Corporation purchases office equipment for $$55,000.$ For tax reporting, the company uses MACRS and classifies the equipment as five$-$year personal property. In $2024,$ this type of equipment is eligible for $60\%$ first$-$year bonus depreciation. For financial reporting, the company uses straight$-$line depreciation. Assume the equipment has no residual value.

Required:

Calculate annual depreciation for the five$-$year life of the equipment according to MACRS. The company uses the half$-$year convention for tax reporting purposes.

Calculate annual depreciation for the five$-$year life of the equipment according to straight$-$line depreciation. The company uses partial$-$year depreciation based on the number of months the asset is in service for financial reporting purposes.

In which year$($s$)$ is tax depreciation greater than financial reporting depreciation?