In 2022, Libby Corporation acquires and places into service an automobile that it uses only for business purposes. Libby does not claim Sec. 179 expensing or bonus depreciation for the vehicle. View the MACRS half-year convention rates. Read the requirement. a. Libby purchases the automobile for $73,000. Compute Libby's depreciation deduction for 2022 and each subsequent year. Assume the half-year convention applies. Let's begin by calculating the depreciation through 2027. (Use MACRS rates to three decimal places, X.XXX%. Round all currency amounts to the nearest dollar.) For subsequent years, applies until the automobile is fully depreciated. b. Libby purchases the automobile for $50,000. Compute Libby's depreciation deduction for 2022 and each subsequent year. Assume the half-year convention applies. (Use MACRS rates to three decimal places, X.XXX%. Round all currency amounts to the nearest dollar.) MACRS Half-year Convention Rates Luxury Automobile Depreciation Limits $18,200 in Year 1 (2021) if taxpayer claims bonus depreciation. $18,100 in Year 1 (2019 or 2020) if taxpayer claims bonus depreciation. $18,000 in Year 1 (2018) if taxpayer claims bonus depreciation. 11,160 in Year 1(2017,2016,2015,2014,2013, or 2012) if taxpayer claims bonus depreciation. 11,060 in Year 1 (2011 or 2010) if taxpayer claims bonus depreciation. TAX AUTHORITY UPDATE At the time this edition went to print, the IRS had not yet released the 2022 ceiling limits. For this problem we assume the limits will be the same for 2022 as they were in 2021. Requirement Compute Libby's depreciation deduction for 2022 and each subsequent year. Assume the half-year convention applies. a. Libby purchases the automobile for $73,000. b. Libby purchases the automobile for $50,000. a. Libby purchases the automobile for 573,000 . Compute Libby's depreciation deduction for 2022 and each stak applies Let's begin by calculating the depreciation through 2027. (Use MACRS rates to three decimal places, X (XX\%\% dollar.) BS until the automobile is fully d 3r 2022 and each subseque In 2022, Libby Corporation acquires and places into service an automobile that it uses only for business purposes. Libby does not claim Sec. 179 expensing or bonus depreciation for the vehicle. View the MACRS half-year convention rates. Read the requirement. a. Libby purchases the automobile for $73,000. Compute Libby's depreciation deduction for 2022 and each subsequent year. Assume the half-year convention applies. Let's begin by calculating the depreciation through 2027. (Use MACRS rates to three decimal places, X.XXX%. Round all currency amounts to the nearest dollar.) For subsequent years, applies until the automobile is fully depreciated. b. Libby purchases the automobile for $50,000. Compute Libby's depreciation deduction for 2022 and each subsequent year. Assume the half-year convention applies. (Use MACRS rates to three decimal places, X.XXX%. Round all currency amounts to the nearest dollar.) MACRS Half-year Convention Rates Luxury Automobile Depreciation Limits $18,200 in Year 1 (2021) if taxpayer claims bonus depreciation. $18,100 in Year 1 (2019 or 2020) if taxpayer claims bonus depreciation. $18,000 in Year 1 (2018) if taxpayer claims bonus depreciation. 11,160 in Year 1(2017,2016,2015,2014,2013, or 2012) if taxpayer claims bonus depreciation. 11,060 in Year 1 (2011 or 2010) if taxpayer claims bonus depreciation. TAX AUTHORITY UPDATE At the time this edition went to print, the IRS had not yet released the 2022 ceiling limits. For this problem we assume the limits will be the same for 2022 as they were in 2021. Requirement Compute Libby's depreciation deduction for 2022 and each subsequent year. Assume the half-year convention applies. a. Libby purchases the automobile for $73,000. b. Libby purchases the automobile for $50,000. a. Libby purchases the automobile for 573,000 . Compute Libby's depreciation deduction for 2022 and each stak applies Let's begin by calculating the depreciation through 2027. (Use MACRS rates to three decimal places, X (XX\%\% dollar.) BS until the automobile is fully d 3r 2022 and each subseque