Question
On February 15, 2013, Leo purchased and placed in service a new car that cost $23,750. The business use percentage for the car is always
On February 15, 2013, Leo purchased and placed in service a new car that cost $23,750. The business use percentage for the car is always 100%. He does take the additional first-year depreciation.
Note: If required, round your answers to the nearest dollar.
a. What MACRS convention applies to the new car? SelectHalf-yearMid-monthMid-quarterItem 1
b. Is the automobile considered "listed property"?
c. Leo's cost recovery deduction in 2013 is $ and for 2014 is $ .
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Principles Of Financial Accounting
Authors: Jerry J. Weygandt, Lorena Mitrione, Michaela Rankin, Keryn Chalmers, Paul D. Kimmel
3rd Edition
0730302296, 978-0730302292
