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, 2021, Jay purchased a passenger automobile that is used 75 percent in his business. The automobile has a basis for depreciation purposes of $45,000, and Jay uses the accelerated method under MACRS. Jay does not elect to expense under section 179. Click here to access the depreciation table and click here to access the annual automobile depreciation limitations. Calculate Jay's depreciation deduction for 2021 assuming bonus depreciation. 37,300 X Problem 8-4 (Algorithmic) Modified Accelerated Cost Recovery System (MACRS) (LO 8.2) On April 8, 2021, Holly purchased a residential apartment building. The cost basis assigned to the building is $258,000. Holly also owns another residential apartment building that she purchased on October 15, 2021, with a cost basis of $715,000. Click here to access the depreciation tables. If required, round intermediate calculations and final answers to nearest dollar. a. Calculate Holly's total depreciation deduction for the apartments for 2021 using MACRS. X Feedback b. Calculate Holly's total depreciation deduction for the apartments for 2022 using MACRS. X