VARIOUS TAXPAYER SITUATIONS RELATING TO COST RECOVERY DEDUCTIONS FOR ASSETS PURCHASED DURING TAX YEAR (1) Nora purchased a new automobile on July 20, 2021, for $29,000. The car was used 60% for business and 40% for personal use. In 2022, the car was used 30% for business and 70% for personal use. Determine the cost recovery recapture and the cost recovery deduction for 2022. (2) Norm purchases a new sports utility vehicle (SUV) on October 12, 2022, for $50,000. The SUV has a gross vehicle weight of 6,200 lbs. It is used 100% of the time for business and it is the only business asset acquired by Norm during 2022. Compute the maximum deduction with respect to the SUV for 2022. (3) On June 1, 2022, Gabriella purchased a computer and peripheral equipment (five year property) for $25,000. She used the assets 40% for business, 50% for the production of income, and 10% for personal use. These are the only assets Gabriella purchased during the current year. Determine her total cost recovery deduction for the current year. (4) Rick purchased a uranium interest for $10,000,000 on January 3, 2022, when recoverable reserves were estimated at 200,000 units. A total of 10,000 units were extracted in 2022 and 7,000 units were sold in 2022. Gross income from the property was $2,800,000 and taxable income without the allowance for depletion was $1,000,000. Determine the depletion deduction for 2022.