Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help ! Saved Required information (The following information applies to the questions displayed below.) Lina purchased a new car for use in her business

please help !
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Saved Required information (The following information applies to the questions displayed below.) Lina purchased a new car for use in her business during 2019. The auto was the only business asset she purchased during the year and her business was extremely profitable. Calculate her maximum depreciation deductions (including $179 expense unless stated otherwise) for the automobile in 2019 and 2020 (Lina doesn't want to take bonus depreciation for 2019 or 2020) in the following alternative scenarios (assuming half-year convention for all (Use MACRS Table 1 Table 2. and Exhibit 10-10.) a. The vehicle cost $32,400 and business use is 100 percent (ignore 5179 expense) Year Depreciation deduction 2019 2020 and Exhibit 10-10.) CUTIVE b. The vehicle cost $82,000, and business use is 100 percent. Depreciation deduction Year ar 2019 2020 and Exhibit 10-10.) C. The vehicle cost $82,000, and she used it 80 percent for business. Year 2019 Depreciation deduction 2020 W I TTUU TU U UUU 2013 and 2020 ndeshwant to take 2019 or 2020) in the following alternative scenarios (assuming half-year convention for all): (Use and Exhibit 10-10.) d. The vehicle cost $82,000, and she used it 80 percent for business. She sold it on March 1 of year 2. Depreciation deduction Year 2019 2020 e. The vehicle cost $82,000, and she used it 20 percent for business. Year Depreciation deduction 2019 2020 f. The vehicle cost $82,000, and is an SUV that weighs 6,500 pounds. Business use was 100 percent. Year Depreciation deduction 2019 2020

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Classification And Coding Of Accounting Information

Authors: R. Fox

2nd Edition

0948036885, 978-0948036880

More Books

Students also viewed these Accounting questions

Question

Question Can a self-employed person adopt a profit sharing plan?

Answered: 1 week ago