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Maxcom, LLC is owned by Tito. Maxcom has a vehicle that is used 1 0 0 % by the business. Which of the following statements
Maxcom, LLC is owned by Tito. Maxcom has a vehicle that is used by the business. Which of the following statements is true?
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If the vehicle weighs pounds or less, then it is considered a "passenger" vehicle for tax purposes and it is subject to the luxury auto limit which would limit the depreciation deduction for to $without bonus depreciation being elected
If the vehicle weighs pounds or less, then it is considered a "passenger" vehicle and the luxury auto limit with bonus depreciation elected for would be $
If the vehicle weighs more than pounds, then Maxcom, LLC could take Section depreciation, bonus depreciation, and, if any depreciable basis remains, MACRS depreciation on the vehicle.
All the statements are true statements.
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