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Problem 8-10 (Algorithmic) Modifled Accelerated Cost Recovery System (MACRS), Election to Expense, Listed Property, Umitation on Degreclation of Luxury Automoblies (LO 8.2, 8. 3, B.4,

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Problem 8-10 (Algorithmic) Modifled Accelerated Cost Recovery System (MACRS), Election to Expense, Listed Property, Umitation on Degreclation of Luxury Automoblies (LO 8.2, 8. 3, B.4, 5.5) During 2022, William purchases the following capital assets for use in his catering businessi Assume that Wiliam decides to use the election to expense on the baking equigment (and has adequate taxable income to cover the deduction) but not on the automobile, and he also uses the MACRS accelerated method to calculate depreciation but elects out of bonus depreciabion. Click here to access the depreciation table and click here to access the annual automobile depreciation limitations. Calculate William's maximum depreciation deduction for 2022, assuming he uses the automabile 100 percent in his business. ANNUAL AUTOMOBILE DEPRECIATION LIMITATIONS *Additional bonus depreciation of $8,000 is included in this amount. If bonus is elected out of, the limit is $11,200. Problem 8-10 (Algorithmic) Modifled Accelerated Cost Recovery System (MACRS), Election to Expense, Listed Property, Umitation on Degreclation of Luxury Automoblies (LO 8.2, 8. 3, B.4, 5.5) During 2022, William purchases the following capital assets for use in his catering businessi Assume that Wiliam decides to use the election to expense on the baking equigment (and has adequate taxable income to cover the deduction) but not on the automobile, and he also uses the MACRS accelerated method to calculate depreciation but elects out of bonus depreciabion. Click here to access the depreciation table and click here to access the annual automobile depreciation limitations. Calculate William's maximum depreciation deduction for 2022, assuming he uses the automabile 100 percent in his business. ANNUAL AUTOMOBILE DEPRECIATION LIMITATIONS *Additional bonus depreciation of $8,000 is included in this amount. If bonus is elected out of, the limit is $11,200

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