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On July 1 , 2 0 2 0 , Brent purchases a new automobile for $ 3 7 , 0 0 0 . He uses
On July Brent purchases a new automobile for $ He uses the car for business and drives the car for business purposes as follows: miles in miles in miles in and miles in
Determine Brent's basis in the business portion of the auto as of January under the following assumptions:
If required, round your computations to the nearest dollar.
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a Brent uses the automatic mileage method.
Compute his basis adjustments for depreciation for each year. Click here to access the basis adjustment table.
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:
:
:
Brent's adjusted basis in the auto on January is $fill in the blank
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b Brent uses the actual cost method. Assume that no expensing is claimed and that decliningbalance cost recovery with the halfyear convention is used. The cost recovery limitation for an auto placed in service in is as follows: $first year $second year $third year and $fourth year
Compute his depreciation deductions for year. Click here to access the depreciation table.
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: $
:
:
Brent's adjusted basis in the auto on January is $fill in the blank
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