5. On October 15, 2021, Jon purchased and placed in service a used car. The purchase price was $50,000. This was the only business use asset Jon acquired in 2021. He used the car 80% of the time for business and 20% for personal use. Jon used the MACRS statutory percentage method. Calculate the total deduction Jon may take for 2021 with respect to the car. (ignore 179 and bonus) a. Cost recovery deduction i. = (Purchase cost X 0.5%) X Percentae of Business Use ii. = ($38,000 X 5%) X (80%) iii. = $1,520.00 (answer) =