Chapter 8 Question 15 Tax Accounting

On April 5, 2022, Kinsey places in service a new automobile that cost $61,250. He does not elect 179 expensing, and he elects not to take any available additional first-year depreciation. The car is used 85% for business and 15% for personal insey 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:$10,200; year 2:$16,400. If required, round your final answers to the nearest dollar. Compute the total depreciation allowed for: 2022:$