On April 5, 2021, Kinsey places in service a new passenger automobile that cost $60,000. The car is used 100% for business in each ta: year. Kinsey uses the MACRS 200% declining-balance method of cost recovery (the auto is a 5-year asset). Assume Kinsey elects any available additional first-year depreciation. The maximum depreciation allowed for 2021 is $ 10000 and for 2022 is $16000
On April 5, 2021, Kinsey places in service a new passenger automobile that cost $60,000. The car is used 100% for business in each ta: year. Kinsey uses the MACRS 200% declining-balance method of cost recovery (the auto is a 5-year asset). Assume Kinsey elects any available additional first-year depreciation. The maximum depreciation allowed for 2021 is $ 10000 and for 2022 is $16000
Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion
Section: Chapter Questions
Problem 27CE
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT