Problem 5-45 (Algorithmic) (LO. B) On July 15, 2019, Leo purchased and placed in service a new car that cost $78,600. The business use percentage for the car is always 100%. He does not take the additional first-year depreciation or any $ 179. If required, round your answers to the nearest dollar. Click here to access the depreciation table of the textbook. Click here to access the limits for certain automobiles. a. What MACRS convention applies to the new car? Half-year b. is the automobile considered "Isted property? Yes c. Leo's cost recovery deduction in 2019 is $ 15,720 X and for 2020 is 25,152 x Feedback Check My Work Assets used in a trade or business or for the production of income are eligible for cost recovery if they are subject to wear and tear, decay on decline from natural causes, or obsolescence