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Chewbacca LLC purchased an automobile for $55,000 on July 5, 2020. What is Chewbacca's depreciation deduction for 2020 if its business-use percentage is 75 percent?

Chewbacca LLC purchased an automobile for $55,000 on July 5, 2020. What is Chewbacca's depreciation deduction for 2020 if its business-use percentage is 75 percent? (Ignore any possible bonus depreciation.) $5,500 $8,250 $7,575 $4,250image text in transcribed

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