Question
On October 15, 2023, Jon purchased and placed in service a used car. The purchase price was $38,000. This was the only business use asset
On October 15, 2023, Jon purchased and placed in service a used car. The purchase price was $38,000. This was the only business use asset Jon acquired in 2023. He used the car 80% of the time for business and 20% for personal use. Jon used the regular MACRS method.
Calculate the total maximum deduction Jon may take for 2023 with respect to the car, if he (a) elects out of bonus deprecation, and (b) if he takes bonus depreciation. (This differs from the question asked in the text.)
- If he elects out of bonus depreciation:
- If bonus is taken (because it was NOT elected out):
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Coping With Financial Accounting 1 For Senior Secondary Schools And Undergraduate Studies
Authors: Festus Chukwunwendu Akpotohwo ,Stella Alfred-Jaja Wellington-Igonibo ,Cletus Ogeibiri
1st Edition
3659611034, 978-3659611032
