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On April 5, 2022, Kinsey places in service a new automobile that cost $41,750. He does not elect 179 expensing, and he elects not to
On April 5, 2022, Kinsey places in service a new automobile that cost $41,750. He does not elect 179 expensing, and he elects not to take any available additional first-year depreciation. The car is used 75% for business and 25% for personal use in each tax year. Kinsey chooses the MACRS 200% declining-balance method of cost recovery (the auto is a 5 -year asset). Click here to access the depreciation table to use for this problem. Assume the following luxury automobile limitations: year 1:$10,200; year 2:$16,400. If required, round your final answers to the nearest dollar. Compute the total depreciation allowed for: \begin{tabular}{lll} 2022: & $ & X \\ 2023: & $ & X \end{tabular}
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