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 $_______
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 $_______
Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion
Section: Chapter Questions
Problem 38P
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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
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 $_______.
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT