Question: Problem 8-48 (b) (LO. 2, 4) On April 30, 2018, Floyd purchased and placed in service a new $30,000 car. The car was used 60%

Problem 8-48 (b) (LO. 2, 4) On April 30, 2018, Floyd

Problem 8-48 (b) (LO. 2, 4) On April 30, 2018, Floyd purchased and placed in service a new $30,000 car. The car was used 60% for business, 20% for production of income, and 20% for personal use in 2018, In 2019, the usage changed to 40% for business, 30% for production of income, and 30% for personal use. Floyd did not elect immediate expensing under 179, He elects not to take additional first-year depreciation. If required, round your answers to the nearest dollar Click here to access the cost recovery tables of the textbook. Assume the following luxury automobile limitations: year 1: $10,000; year 2: $16,000. 4,000 X a. The cost recovery deduction taken in 2018 was b. The cost recovery deduction for 2019 is c. The cost recovery recapture, if any, in 2019 is Feedback

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!

Please help. Problem 8-48 (b) (LO. 2, 4) On April 30, 2018, Floyd purchased and placed in service a new $30,000 car. The car was used 60% for business, 2096 for production of income, and 20% for...

Problem 8-48 (a) (LO. 2, 4) On February 2, 2018, Katie purchased and placed in service a new $18,500 car. The car was used 65% for business, 596 for production of income, and 30% for personal use in...

Problem 8-48 (c) (LO. 2, 4) On May 31, 2019, Arnold purchased and placed in service a new $25,000 car. The car was used 90% for business, 5% for production of income, and 5% for personal use in 2019....

Problem 8-48 (a) (LO. 2, 4) On February 2, 2019, Katie purchased and placed in service a new $18,500 car. The car was used 65% for business, 5% for production of income, and 30% for personal use in...

Problem 8-44 (c) (LO. 2, 4) On May 31, 2020, Arnold purchased and placed in service a new $25,000 car. The car was used 90% for business, 5% for production of income, and 5% for personal use in 2020....

Problem 8-44 (LO. 2, 4) On May 28, 2020, Mary purchased and placed in service a new $60,000 car. The car was used 60% for business, 20% for production of income, and 20% for personal use in 2020. In...

On April 30, 2020, Floyd purchased and placed in service a new $30,000 car. The car was used 60% for business, 20% for production of income, and 20% for personal use in 2020. In 2021, the usage...

List five activities of daily living (ADLs) used in LTC insurance.

(Postretirement Benefit Worksheet?2 Years) Elton Co. has the following postretirement benefit plan balances on January 1, 2010. Accumulated postretirement benefit obligation ? ? ? ? ? ? ? ? ?...

You own 5 1 0 shares of Maslyn Tours stock that sells for $ 6 1 . 7 8 per share. If the stock has a dividend yield of 3 . 4 percent, how much do you expect to receive next year in dividend income...

last two options for the multiple choice are : performance management development A construction equipment manufacturer, Roswell Corporation, is focusing on becoming a leader in sustainability in...

1 Does it surprise you that vacation time is not mandated in the United States but is mandated in most other wealthy nations? Do you think that Americans would be more or less productive if they had...

Have you ever been involved in a mentoring relationship? If so, did you find that this relationship benefited you in any way? Did it benefit your organization as well? How would you describe the...

A Do you think that organizations benefit more from having employees work face to face or from having employees work from home? Does it have to be one way or the other?