On April 30, 2021, Leo purchased and placed in service a new car that cost $69,600. The busi 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 Leo's cost recovery deduction in 2021 is $ 10,000 X and for 2022 is $ 16,000 X.
On April 30, 2021, Leo purchased and placed in service a new car that cost $69,600. The busi 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 Leo's cost recovery deduction in 2021 is $ 10,000 X and for 2022 is $ 16,000 X.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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