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Show me the steps to solve Mike purchases a new heavy - duty truck ( five - year class recovery property ) for his delivery

Show me the steps to solve Mike purchases a new heavy-duty truck (five-year class recovery property) for his delivery service on March 30,2023. No other assets were purchased during the year. The truck is not considered a passenger automobile for purposes of the listed property and luxury automobile limitations. The truck has a depreciable basis of $50,000 and an estimated useful life of five years. Assume half-year convention for tax.
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a. Calculate the amount of depreciation for 2023 using the straight-line depreciation election, using MACRS tables over the minimum number of years with no bonus depreciation or election to expense.
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b. Calculate the amount of depreciation for 2023, including bonus depreciation but no election to expense, that Mike could deduct using the MACRS tables.
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c. Calculate the amount of depreciation for 2023 including the election to expense and depreciation that Mike could deduct. Assume no income limit on the expense election.
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