On June 1, 2019, Irene places in service a new automobile that cost $21,000. The car is used 70% for business and 30% for personal use. (Assume this percentage is maintained for the life of the car.) She does not take additional first-year depreciation. Determine the cost recovery deduction for 2020.

the cost recovery deduction for 2020 is $4,704

Explanation:

The calculation of the cost recovery deduction is given below:

According to the MACRS depreciation table, the second year depreciation rate should be 32%

So, the cost recovery deduction should be

= 32% of 70% of $21,000

= $4,704

Hence, the cost recovery deduction for 2020 is $4,704

Therefore the same should be considered

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