Problem 8-8 (Algorithmic) Modified Accelerated Cost Recovery System (M.ACR5), Election to Expense, Listed Property, Limitation on Depreciation of Luxury Automobiles (LO 8.2, 8.3, B.4, 8.5) During 2021, Waliam purchases the following capital assets for use in his catering business: Assume that Wiliam docides to use the election to expense on the baking equipment (and has adequate taxable income to cover the deductian) but not on the automoble (which has a 5 -year recovery period), and ne also uses the MAcRS accelerated method to calculate depreciation but elects out of bonus depreciation. Assume he has adequate taxable income. Click here to access the depreciation table and click here to access the annual automobile depreciation limitations. Calculate Wallam's maximum depreciation deduction for 2021 , assuming he uses the automobile 100 percent in his business. Problem 8-8 (Algorithmic) Modified Accelerated Cost Recovery System (M.ACR5), Election to Expense, Listed Property, Limitation on Depreciation of Luxury Automobiles (LO 8.2, 8.3, B.4, 8.5) During 2021, Waliam purchases the following capital assets for use in his catering business: Assume that Wiliam docides to use the election to expense on the baking equipment (and has adequate taxable income to cover the deductian) but not on the automoble (which has a 5 -year recovery period), and ne also uses the MAcRS accelerated method to calculate depreciation but elects out of bonus depreciation. Assume he has adequate taxable income. Click here to access the depreciation table and click here to access the annual automobile depreciation limitations. Calculate Wallam's maximum depreciation deduction for 2021 , assuming he uses the automobile 100 percent in his business