Exercise 8-25 (Algorithmic) (20,4) On April 5, 2021, Kinsey places in service a new automoblie that cost 542,500 . He does not alect 5179 expensing, and he electo not to take any avallable additional first-yeat depreciation. The car is used 90% foe business and 10% 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 automoblie limitationsi year 1:510,100; year 2:516,100, If required, round your final answers to the nearest dollar. Compute the total depreciation allowed for 2021: x rCheck sy wish Limits exist on MACRS deductions for automobiles and other listed property that are used for both personal and business purposes, If the listed property is predeminantly used for bus ness, the taspoyer can use the MACRS tables to recover the cost, In cates where the property is not. predominantly used for business, the cost is recovered using the straight-line method