ine 1, 2021, Leo purchased and placed in service a new car that cost $69,600. The business use ntage for the car is always 100%. He does not take the additional first-year depreciation or any If required, round your answers to the nearest dollar. Click here to access the depreciation table of xtbook. Click here to access the limits for certain automobiles. a. What MACRS convention applies new car? Half-year b. Is the automobile considered "listed property"? Yes c. Leo's cost recovery
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- On April 30, 2021, Leo purchased and placed in service a new car that cost $69,600. The business use percentage for the car is always 100%. He does not take the additional first-year depreciation or any § 179. If required, round your answers to the nearest dollar. Click here to access the depreciation table of the textbook. Click here to access the limits for certain automobiles. a. What MACRS convention applies to the new car? Half-year b. Is the automobile considered "listed property"? Yes c. Leo's cost recovery deduction in 2021 is $ 10,000 X and for 2022 is $ 16,000 XOn July 15, 2019, Leo purchased and placed in service a new car that cost $61,800. The business use percentage for the car is always 100%. He does not take the additional first-year depreciation or any § 179. If required, round your answers to the nearest dollar. Click here to access the depreciation table of the textbook. Click here to access the limits for certain automobiles. a. What MACRS convention applies to the new car? Half-year b. Is the automobile considered "listed property"? Yes c. Leo's cost recovery deduction in 2019 is $fill in the blank 3 _____ and for 2020 is $fill in the blank 4 _____On February 1, 2022, Leo purchased and placed in service a new car that cost $71,200. The business use percentage for the car is always 100%. He does not elect § 179 expensing, and does not claim any available additional first-year depreciation. If required, round your answers to the nearest dollar. Click here to access the depreciation table of the textbook. Click here to access the limits for certain automobiles. a. What MACRS convention applies to the new car? b. Is the automobile considered "listed property"? c. Leo's cost recovery deduction in 2022 is $ and for 2023 is $
- On June 1, 2022, Leo purchased and placed in service a new car that cost $79,600. The business use percentage for the car is always 100%. He does not elect § 179 expensing, and does not claim any available additional first-year depreciation. If required, round your answers to the nearest dollar. Click here to access the depreciation table of the textbook. Click here to access the limits for certain automobiles. a. What MACRS convention applies to the new car? Half-year b. Is the automobile considered "listed property"? Yes c. Leo's cost recovery deduction in 2022 is $ and for 2023 is $< On June 5, 2020, Leo purchased and placed in service a new car that cost $75,000. The business use percentage for the car is always 100%. Leo does not claim any available additional first-year depreciation or any § 179. If required, round your answers to the nearest dollar. Click here to access the depreciation table to use for this problem. Click here to access the limits for certain automobiles. a. What MACRS convention applies to the new car? Half-year b. Is the automobile considered "listed property"? Yes c. Leo's deduction in 2020 is $ and for 2021 is:On April 30, 2019, Leo purchased and placed in service a new car that cost $76,200. The business use percentage for the car is always 100%. He does not take the additional first-year depreciation or any § 179. If required, round your answers to the nearest dollar. a. What MACRS convention applies to the new car? Half-year. b. Is the automobile considered "listed property"? Yes. c. Leo's cost recovery deduction in 2019 is $_______ and for 2020 is $_______.
- In 2018, José purchased a house for $197,400. He used the house as his personal residence. In September 2021, when the fair market value of the house was $315,700, he converted the house to rental property. If required, round your answers to the nearest dollar. Click here to access depreciation tables in the textbook. a. José's basis for cost recovery for the property is $ b. Under MACRS, the cost recovery period for residential rental real estate is convention. c. The cost recovery for 2021 is $ years, and it is subject to theOn February 17, 2021, Brecken places in service an automobile that cost $23,000. Assume Brecken does not claim the additional first-year or any § 179 deduction. The auto is used 35% for business and 65% for personal use. Assume the luxury automobile limitations for Year 1 is $10,100. Click here to access the depreciation table to use for this problem. a. Compute the total depreciation allowed for 2021: b. Assume that the automobile cost $45,000. Compute the total depreciation allowed for 2021:On April 12, 2020, Suzanne bought a computer for $20,000 for business use. This was the only purchase for that year. Suzanne used the most accelerated depreciation method available but did not apply Sec. 179 or bonus depreciation. Suzanne sells the machine in 2021. The depreciation on the computer for 2021 is a. $2,000. b. $3,200. c. $4,000. d. $6,400.
- Please help me with the following question. On September 14, 2018, Jay purchased a passenger automobile that is used 75 percent in his accounting business. The automobile has a basis for depreciation purposes of $43,000, 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 2018 assuming bonus depreciation.In 2019, José purchased a house for $191,400. He used the house as his personal residence. In June 2022, when the fair market value of the house was $331,300, he converted the house to rental property. If required, round your answers to the nearest dollar. Click here to access depreciation tables in the textbook. a. José's basis for cost recovery for the property is $ b. Under MACRS, the cost recovery period for residential rental real estate is 27.5 mid-month ✔✓ convention. c. The cost recovery for 2022 is $ 5,510 X. 191,400 ✔. ✓ years, and it is subject to theIn 2021, Ben purchases and places in service a new auto for his business. The auto costs $57,000 and will be used 100 percent for business. Assuming the half-year convention applies and Ben does not elect out of bonus depreciation, what will be the depreciation on the auto in 2021? a.$10,000 b.$18,200 c.$18,100 d.$57,000 e.None of these choices are correct.