Required information [The following information applies to the questions displayed below.) Lina purchased a new car for use in her business during 2023. The auto was the only business asset she purchased during the year, and her business was extremely profitable. Calculate her maximum depreciation deductions (including $179 expense unless stated otherwise) for the automobile in 2023 and 2024 (Lina doesn't want to take bonus depreciation for 2023 or 2024) in the following alternative scenarios (assuming half-year convention for all): (Use MACRS Table 1. Table 2, and Exhibit 10-10.) e. The vehicle cost $80,000, and she used it 20 percent for business. Depreciation deduction Year 2023 2024
Required information [The following information applies to the questions displayed below.) Lina purchased a new car for use in her business during 2023. The auto was the only business asset she purchased during the year, and her business was extremely profitable. Calculate her maximum depreciation deductions (including $179 expense unless stated otherwise) for the automobile in 2023 and 2024 (Lina doesn't want to take bonus depreciation for 2023 or 2024) in the following alternative scenarios (assuming half-year convention for all): (Use MACRS Table 1. Table 2, and Exhibit 10-10.) e. The vehicle cost $80,000, and she used it 20 percent for business. Depreciation deduction Year 2023 2024
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter8: Property Transactions: Capital Gains And Losses, Section 1231 And Recapture Provisions
Section: Chapter Questions
Problem 8CE
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Question
![Required information
[The following information applies to the questions displayed below.)
Lina purchased a new car for use in her business during 2023. The auto was the only business asset she purchased
during the year, and her business was extremely profitable. Calculate her maximum depreciation deductions (including
$179 expense unless stated otherwise) for the automobile in 2023 and 2024 (Lina doesn't want to take bonus depreciation
for 2023 or 2024) in the following alternative scenarios (assuming half-year convention for all): (Use MACRS Table 1,
Table 2, and Exhibit 10-10.)
e. The vehicle cost $80,000, and she used it 20 percent for business.
Year
2023
2024
Depreciation
deduction](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3f8dcd21-b2b4-4cde-9e9d-1f3810367814%2F31ee9361-f562-4490-ad76-80f9b81dc8a6%2Fay1pkvl_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.)
Lina purchased a new car for use in her business during 2023. The auto was the only business asset she purchased
during the year, and her business was extremely profitable. Calculate her maximum depreciation deductions (including
$179 expense unless stated otherwise) for the automobile in 2023 and 2024 (Lina doesn't want to take bonus depreciation
for 2023 or 2024) in the following alternative scenarios (assuming half-year convention for all): (Use MACRS Table 1,
Table 2, and Exhibit 10-10.)
e. The vehicle cost $80,000, and she used it 20 percent for business.
Year
2023
2024
Depreciation
deduction
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