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Sid purchased an automobile for personal use on January 18, 2011 for $10,000. On January 1, 2015, Sid starts a small business and begins to
Sid purchased an automobile for personal use on January 18, 2011 for $10,000. On January 1, 2015, Sid starts a small business and begins to use the automobile exclusively in the business. The automobiles FMV on this date is $6,000. MACRS depreciation deductions are based on a 5-year recovery period. . What is the automobiles basis for depreciation when converted to business use in 2015? . Assuming Sid does not elect Sec. 179 expensing, what is Sids depreciation deduction in 2015?
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