Question: On April 5 , 2 0 2 4 , Kinsey places in service a new automobile that cost $ 7 4 , 0 0 0

On April 5,2024, Kinsey places in service a new automobile that cost $74,000. He does not elect 179 expensing, and he elects not to
take any available additional first-year depreciation. The car is used 95% for business and 5% for personal use in each tax year. Kinsey
uses the regular MACRS method of cost recovery (the auto is a 5-year asset).
Click here to access the depreciation table to use for this problem.
If required, round your final answers to the nearest dollar.
Compute the total depreciation allowed for:
2024:
2025:
On April 5,2024, Kinsey places in service a new automobile that

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

The cheque-clearing office of Pay Loans Company is responsible for processing all cheques that come to the company for payment. Managers at the company believe that variable overhead costs are...

Q:

On April 5 , 2 0 2 3 , Kinsey places in service a new automobile that cost $ 6 2 , 0 0 0 . He does not elect 1 7 9 expensing, and he elects not to take any available additional first - year...

Q:

Exercise 8 - 2 5 ( Algorithmic ) ( LO . 4 ) On April 5 , 2 0 2 3 , Kinsey places in service a new automobile that cost $ 4 7 , 0 0 0 . He does not elect 1 7 9 expensing, and he elects not to take any...

Q:

Exercise 8 - 2 4 ( LO . 3 ) McKenzie placed in service qualifying equipment ( 7 - year MACRS class ) for his business that cost $ 2 1 2 , 0 0 0 in 2 0 2 3 . The taxable income of the business for the...

Q:

On April 5th, 2015, Kinsey places in service a new automobile that costs $36,000. He does not elect section 179 expensing and he elects not to take any available additional first year depreciation....

Q:

On April 5,2022 , Kinsey places in service a new automobile that cost $51,500. He does not elect 179 expensing, and he elects not to take any available additional first-year depreciation. The car is...

Q:

On April 5 , 2 0 2 4 , Kinsey places in service a new automobile that cost $ 3 6 , 0 0 0 . He does not elect 1 7 9 expensing, and he elects not to take any available additional first - year...

Q:

Exercise 8 - 2 5 ( Algorithmic ) ( L 0 . 4 ) On April 5 , 2 0 2 1 , Kinsey places in service a new automobile that cost $ 6 1 , 2 5 0 . He does not elect 1 7 9 expensing, and he elects not to take...

Q:

Exercise 8 - 2 5 ( Algorithmic ) ( LO . 4 ) On April 5 , 2 0 2 2 , Kinsey places in service a new automobile that cost $ 4 1 , 0 0 0 . He does not elect 1 7 9 expensing, and he elects not to take any...

Q:

Exercise 8 - 2 5 ( Algorithmic ) ( L 0 . 4 ) On April 5 , 2 0 2 3 , Kinsey places in service a new automobile that cost $ 4 3 , 2 5 0 . He does not elect 5 1 7 9 expensing, and he elects not to take...

Q:

1 - On April 5 , 2 0 2 3 , Kinsey places in service a new automobile that cost $ 6 7 , 2 5 0 . He does not elect 1 7 9 expensing, and he elects not to take any available additional first - year...

Q:

You are required to write a report to the directors of ABC Co based on the above scenario and address the following: i. Introduction: An analysis of why there is a need for an audit and the directors...

Q:

If a Web merchant loses business due to a computer systems failure that can be attributed to malfunctioning software, can the merchant recover the lost profits from the software maker? Explain.

Q:

Question Content Area Identify which section the statement of cash flows ( using the indirect method ) would present information regarding the following activities. a . Issued common stock...

Q:

2023 1040 form 1.Phillip and Claire are married and file a joint return. Phillip is self-employed as a real estate agent, and Claire is a flight attendant. Phillip and Claire have three dependent...