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Kimberly purchased a new automobile on July 20, 2021, for $29,000. The car was used 60% for business and 40% for personal use. In 2022,
Kimberly purchased a new automobile on July 20, 2021, for $29,000. The car was used 60% for business and 40% for personal use. In 2022, the car was used 30% for business and 70% for personal use. Kimberly elects not to take additional first-year depreciation. Determine the cost recovery recapture and the cost recovery deduction for 2022.
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