Problem 8-10 (Algorithmic) Modified Accelerated Cost Recovery System (MACRS), Election to Expense, Listed Property, Limitation on Depreciation of Luxury Automobiles (LO 8.2, 8.3, 8.4, 8.5) During 2022, William purchases the following capital assets for use in his catering business: Assume that William decides to use the election to expense on the baking equipment (and has adequate taxable income to cover the deduction) but not on the automobile, and he also uses the MACRS accelerated method to calculate depreciation but elects out of bonus depreciation. Click here to access the depreciation table and click here to access the annual automobile depreciation limitations. Calculate William's maximum depreciation deduction for 2022, assuming he uses the automobile 100 percent in his business. Feedback T Check My Work Under Internal Revenue Code Section 179, taxpayers may elect to expense a limited amount cost would otherwise have to be deducted over a period of time using the reoular cost remou