! Required information [The following information applies to the questions displayed below.] Lina purchased a new car for use in her business during 2023. The auto was the only business asset she purchased during the year, and her business was extremely profitable. Calculate her maximum depreciation deductions (including $179 expense unless stated otherwise) for the automobile in 2023 and 2024 (Lina doesn't want to take bonus depreciation for 2023 or 2024) in the following alternative scenarios (assuming half-year convention for all): (Use MACRS Table 1, Table 2, and Exhibit 10-10.) a. The vehicle cost $40,000, and business use is 100 percent (ignore §179 expense). Depreciation Year deduction 2023 2024
! Required information [The following information applies to the questions displayed below.] Lina purchased a new car for use in her business during 2023. The auto was the only business asset she purchased during the year, and her business was extremely profitable. Calculate her maximum depreciation deductions (including $179 expense unless stated otherwise) for the automobile in 2023 and 2024 (Lina doesn't want to take bonus depreciation for 2023 or 2024) in the following alternative scenarios (assuming half-year convention for all): (Use MACRS Table 1, Table 2, and Exhibit 10-10.) a. The vehicle cost $40,000, and business use is 100 percent (ignore §179 expense). Depreciation Year deduction 2023 2024
Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion
Section: Chapter Questions
Problem 47P
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Required information
[The following information applies to the questions displayed below.]
Lina purchased a new car for use in her business during 2023. The auto
was the only business asset she purchased during the year, and her
business was extremely profitable. Calculate her maximum depreciation
deductions (including $179 expense unless stated otherwise) for the
automobile in 2023 and 2024 (Lina doesn't want to take bonus
depreciation for 2023 or 2024) in the following alternative scenarios
(assuming half-year convention for all): (Use MACRS Table 1, Table 2, and
Exhibit 10-10.)
a. The vehicle cost $40,000, and business use is 100 percent (ignore §179 expense).
Depreciation
Year
deduction
2023
2024](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F97955932-f816-4166-b7a4-1aeedbfa1d9d%2F0329d698-bada-4a46-8164-b5281d1b8f45%2F9iwqer_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
Lina purchased a new car for use in her business during 2023. The auto
was the only business asset she purchased during the year, and her
business was extremely profitable. Calculate her maximum depreciation
deductions (including $179 expense unless stated otherwise) for the
automobile in 2023 and 2024 (Lina doesn't want to take bonus
depreciation for 2023 or 2024) in the following alternative scenarios
(assuming half-year convention for all): (Use MACRS Table 1, Table 2, and
Exhibit 10-10.)
a. The vehicle cost $40,000, and business use is 100 percent (ignore §179 expense).
Depreciation
Year
deduction
2023
2024
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