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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
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 doesnt want to take bonus depreciation for 2021 or 2022) in the following alternative scenarios (assuming half-year convention for all): (Use MACRS Table 1, Table 2, and Exhibit 10-10.)
f. The vehicle cost $80,000, and it is an SUV that weighs 6,500 pounds. Business use was 100 percent. Year Depreciation deduction 2021 2022Step by Step Solution
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