Question
On March 30, 2020, Leo purchased and placed in service a new car that cost $65,400. The business use percentage for the car is always
On March 30, 2020, Leo purchased and placed in service a new car that cost $65,400. The business use percentage for the car is always 100%. He does not take the additional first-year depreciation or any 179.
1. What MACRS convention applies to the new car?
a. Half-year. b.Mid-month c.Mid-quarter
b. Is the automobile considered "listed property"?
a.Yes. b.No
c. Leo's cost recovery deduction in 2020 is $ _________________________ and for 2021 is $ _________________________.
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Sound Investing, Chapter 8 - Revenue Hoaxes
Authors: Kate Mooney
3rd Edition
007171930X, 9780071719308
