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the other answers on chegg are wrong so pls help me find correct answers Problem 8-48 (LO. 2, 4) On May 28, 2019, Mary purchased

the other answers on chegg are wrong so pls help me find correct answers image text in transcribed
Problem 8-48 (LO. 2, 4) On May 28, 2019, Mary purchased and placed in service a new $60,000 car. The car was used 60% for business, 20% for production of income, and 20% for personal use in 2019. In 2020, the usage changed to 40% for business, 30% for production of income, and 30% for personal use. Mary did not elect immediate expensing under $ 179. She did not claim any available additional first-year depreciation. Compute Mary's cost recovery deduction for 2019 and 2020 and any cost recovery recapture for 2020. If required, round your answers to the nearest dollar. Click here to access the depreciation table to use for this problem. Assume the following luxury automobile lim 1: $10,000; year 2: $16,000. a. The cost recovery deduction taken in 2019 was $ 2,000 b. The cost recovery deduction for 2020 is $ 3,160 X.. c. The cost recovery recapture in 2020 is $ 3,160 X. Check My Work The law places special limitations on the cost recovery deduction for passenger automobiles. These statutory dollar limits were imposed on passenger automobiles because of the belief that the tax system was being used to underwrite automobiles whose cost and luxury far exceeded what was needed for their business use. Problem 8-48 (LO. 2, 4) On May 28, 2019, Mary purchased and placed in service a new $60,000 car. The car was used 60% for business, 20% for production of income, and 20% for personal use in 2019. In 2020, the usage changed to 40% for business, 30% for production of income, and 30% for personal use. Mary did not elect immediate expensing under $ 179. She did not claim any available additional first-year depreciation. Compute Mary's cost recovery deduction for 2019 and 2020 and any cost recovery recapture for 2020. If required, round your answers to the nearest dollar. Click here to access the depreciation table to use for this problem. Assume the following luxury automobile lim 1: $10,000; year 2: $16,000. a. The cost recovery deduction taken in 2019 was $ 2,000 b. The cost recovery deduction for 2020 is $ 3,160 X.. c. The cost recovery recapture in 2020 is $ 3,160 X. Check My Work The law places special limitations on the cost recovery deduction for passenger automobiles. These statutory dollar limits were imposed on passenger automobiles because of the belief that the tax system was being used to underwrite automobiles whose cost and luxury far exceeded what was needed for their business use

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