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On March 15, 2020, Helen purchased and placed in service a new Escalade. The purchase price of the automobile was $62,000, and the vehicle had
On March 15, 2020, Helen purchased and placed in service a new Escalade. The purchase price of the automobile was $62,000, and the vehicle had a rating of 6,500 GVW. The vehicle was used 100% for business. If required, round your answers to the nearest dollar. Click here to access the depreciation table to use for this problem. a. Assuming that Helen does not use additional first-year depreciation, calculate the total depreciation deduction that she can take on the vehicle for 2020. Section 179 expense MACRS cost recovery Total deduction b. What is her total depreciation deduction if Helen decided to take additional first-year depreciation? $
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