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FOR THIS PROBLEM CAN YOU SHOW IT VERY NEATLY AND CLEARLY WRITTEN. PLEASE SHOW WORK IF POSSIBLE. Lina purchased a new car for use in
FOR THIS PROBLEM CAN YOU SHOW IT VERY NEATLY AND CLEARLY WRITTEN. PLEASE SHOW WORK IF POSSIBLE.
Lina purchased a new car for use in her business during 2021. The auto was the only business asset she purchased during the year, and her business was extremely profitable. Calculate her maximum depreciation deductions (including $179 expense unless stated otherwise) for the automobile in 2021 and 2022 (Lina doesn't want to take bonus depreciation for 2021 or 2022) in the following alternative scenarios (assuming half-year convention for all): / a. The vehicle cost $31,000, and business use is 100 percent (ignore $179 expense). Year Depreciation deduction 2021 2022 b. The vehicle cost $75,000, and business use is 100 percent. Year Depreciation deduction 2021 2022 c. The vehicle cost $75,000, and she used it 80 percent for business. Year Depreciation deduction 2021 2022
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