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please help On July 1, 2017, Brent purchases a new automobile for $50,500. He uses the car 94% for business and drives the car as
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On July 1, 2017, Brent purchases a new automobile for $50,500. He uses the car 94% for business and drives the car as follows: 8,500 miles in 2017, 21,250 miles in 2018, 23,800 miles in 2019, and 17,000 miles in 2020. Determine Brent's basis in the business portion of the auto as of January 1, 2021, 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. 2017: $ 2018: $ 2019: $ 2020: Brent's adjusted basis in the auto on January 1, 2021, is $ b. Brent uses the actual cost method. [Assume that no 5 179 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 2017 is as follows: $3,160 (first year), $5,100 (second year), $3,050 (third year), and $1,875 (fourth year).] Compute his depreciation deductions for year. Click here to access the depredation table 2017: 2018: 2019: S 2020: $ Brent's adjusted basis in the auto on January 1, 2021, is $ Year Rate per Mile 2021 26 cents 2020 27 cents 2019 26 cents 2018 25 cents 2017 25 cents
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