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Required information [The following information applies to the questions displayed below.] Lina purchased a new car for use in her business during 2020. The auto
Required information [The following information applies to the questions displayed below.] Lina purchased a new car for use in her business during 2020. 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 2020 and 2021 (Lina doesn't want to take bonus depreciation for 2020 or 2021) in the following alternative scenarios (assuming half-year convention for all): (Use MACRS Table 1. Table 2, and Exhibit 10-10.) d. The vehicle cost $80,000, and she used it 80 percent for business. She sold it on March 1 of year 2. Year 2020 2021 Depreciation deduction ces Required information [The following information applies to the questions displayed below.] Lina purchased a new car for use in her business during 2020. 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 2020 and 2021 (Lina doesn't want to take bonus depreciation for 2020 or 2021) in the following alternative scenarios (assuming half-year convention for all): (Use MACRS Table 1. Table 2, and Exhibit 10-10.) e. The vehicle cost $80,000, and she used it 20 percent for business. Year Depreciation deduction 2020 2021 Required information [The following information applies to the questions displayed below.] Lina purchased a new car for use in her business during 2020. 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 2020 and 2021 (Lina doesn't want to take bonus depreciation for 2020 or 2021) in the following alternative scenarios (assuming half-year convention for all): (Use MACRS Table 1. Table 2, and Exhibit 10-10.) f. The vehicle cost $80,000, and it is an SUV that weighs 6,500 pounds. Business use was 100 percent. Year Depreciation deduction 2020 20211
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