On July 1, 2018, Brent purchases a new automobile for $49,000. He uses the car 94% for business and drives the car for business purposes as follows: 7,000 miles in 2018, 17,500 miles in 2019, 19,600 miles in 2020, and 14,000 miles in 2021. Determine Brent's basis in the business portion of the auto as of January 1, 2022, under the following assumptions: If required, round your computations to the nearest dollar. a. Brent uses the automatic mileage method. Compute his basis adjustments for depreciation for each year. Click here to access the basis adjustment table. 2018: $ 1,680 X 2019: $ 4,277 X 2020: $ 4,974 X 2021: $ 3,421 X Brent's adjusted basis in the auto on January 1, 2022, is $ 31,708 X. Year Rate per Mile 2022 26 cents 2021 26 cents 2020 27 cents 2019 26 cents 2018 25 cents b. Brent uses the actual cost method. [Assume that no 179 expensing is claimed and that 200% declining-balance cost recovery with the half-year convention is used. The recovery limitation for an auto placed in service in 2018 is as follows: $10,000 (first year), $16,000 (second year), $9,600 (third year), and $5,760 (fourth year).] Compute his depreciation deductions for year. Click here to access the depreciation table 2018: 2019: 2020:5 2021: 1000 Brent's adjusted basis in the auto on January 1, 2022, is $ Exhibit 8.3 MACRS Accelerated Depreciation for Personal Property Assuming Half-Year Convention (Percentage Rates) For Property Placed in Service after December 31, 1986 3-Year 5-Year 7-Year 10-Year 15-Year 20-Year (200% DB) (200% DB) (200% DB) (200% DB) (150 % DB) (150% DB) Recovery Year 1 33.33 20.00 14.29 10.00 5.00 3.750 2 44.45 32.00 24.49 18.00 9.50 7.219 3 14.81" 19.20 17.49 14.40 8.55 6.677 4 7.41 11.52" 12.49 11.52 7.70 6.177 5 11.52 8.93" 9.22 6.93 5.713 6 5.76 8.92 7.37 6.23 5.285 7 8.93 6.55* 5.90 4.888 8 4.46 6.55 5.90 4.522 9 6.56 5.91 4.462* 10 6.55 5.90 4.461 11 3.28 5.91 4.462 12 5.90 4.461 13 13 5.91 4.462 14. 5.90 4.461 15 16 17 5696922 5.91 4.462 2.95 4.461 4.462 18 19 20 21 4.461 4.462 4.461 2.231 *Switchover to straight-line depreciation.