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Business, 31.10.2019 04:31 sheldonwaid4278

On april 5, 2018, kinsey places in service a new automobile that cost $36,000. he does not elect § 179 expensing, and he elects not to take any available additional first-year depreciation. the car is used 70% for business and 30% for personal use in each tax year. kinsey chooses the macrs 200% declining-balance method of cost recovery (the auto is a 5-year asset). click here to access the depreciation table to use for this problem assume the following luxury automobile limitations: year 1: $10,000; year 2: $16,000. compute the total depreciation allowed for: 2018: 2019: limits exist on macrs deductions for automobiles and other listed property that are used for both personal and business purposes. if t property is predominantly used for business, the taxpayer can use the macrs tables to recover the cost. in cases where the property i predominantly used for business, the cost is recovered using the straight-line method.

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On april 5, 2018, kinsey places in service a new automobile that cost $36,000. he does not elect § 1...
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