Potomac LLC purchased an automobile for $31,100 on August 5, 2020. What is Potomac's depreciation deduction for 2020? (ignore any possible bonus depreciation) (Use MACRS Table 1 and Exhibit. 10-10.) Multiple Choice $10100 $4.444 O $6,220 $31100 > Table 1 MACRS Half-Year Convention Depreciation Rate for Recovery Period 3-Year 5-Year 7-Year 10-Year 15-Year 20-Year Year 1 33.33% 20.00% 14.29% 10.00% 5.00% 3.750% Year 2 44.45 32.00 24.49 18.00 9.50 7.219 Year 3 14.81 19.20 17.49 14.40 8.55 6.677 Year 4 7.41 11.52 12.49 11.52 7.70 6.177 Year 5 11.52 8.93 9.22 6.93 5.713 Year 6 5.76 8.92 7.37 6.23 5.285 Year 7 8.93 6.55 5.90 4.88 Year 8 4.46 6.55 5.90 4.522 Year 9 6.56 5.91 4.462 Year 10 6.55 5.90 4.461 Year 11 3.28 5.91 4.462 Year 12 5.90 4.461 Year 13. 5.91 4.462 Year 14 5.90 4.461 Year 15. 5.91 4.462 Year 16 2.95 4.461 Year 17 4.462 Year 18 4.461 Year 19 4.462 Year 201 Year 21 4.461 2.231 Recovery EXHIBIT 10-10 Automobile Depreciation Limits Year Placed in Service Year 2020 2019 2018 2017 1 10,100 10,100 10,000* 3,160 2 16,100 16,100 16,000 5,100 3 9,700 9.700 9,600 3,050 4 and after 5,760 5,760 5,760 1,875 "As of press date, the IRS had not released the 2020 limitations for automobiles, so throughout the chapter we ude the same limitations as in 2019 for 2020 **$8,000 additional depreciation is allowed when bonus depreciation is claimed [5168(k)(2)(F)]