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Patrick Ireland purchased a passenger automobile for his self-employed business on June 1, of the current tax year for $17,000. During the year, he uses
Patrick Ireland purchased a passenger automobile for his self-employed business on June 1, of the current tax year for $17,000. During the year, he uses the automobile 80 percent of the time for business. Using accelerated depreciation, Patrick wishes to claim the maximum amount of depreciation possible but will not use the Section 179 election to expense or any bonus depreciation. a. Calculate Patrick's depreciation expense on the automobile for 2023
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