Question: Problem 8-46 (Algorithmic) (LO. 4) On July 15, 2015, Leo purchased and placed in service a new car that cost $23,750. The business use percentage

Problem 8-46 (Algorithmic) (LO. 4)

On July 15, 2015, Leo purchased and placed in service a new car that cost $23,750. The business use percentage for the car is always 100%. He does take the additional first-year depreciation.

If required, round your answers to the nearest dollar.

Click here to access Exhibit 8.3 of the textbook. Click here to access the limits for certain automobiles.

c. Leo's cost recovery deduction in 2015 is $?? and for 2016 is $??.

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