8. LO.8 On April 5, 2023, Kinsey places in service a new automobile that cost...
70.2K
Verified Solution
Link Copied!
Question
Accounting
8. LO.8 On April 5, 2023, Kinsey places in service a new automobile that cost $70,000. He does not elect 179 expensing, and he elects not to take any available additional first-year depreciation. The car is used 75% for business and 25% for personal use in each tax year. Kinsey chooses the MACRS 200\% declining-balance method of cost recovery (the auto is a 5-year asset). Compute the total depreciation allowed for 2023 and 2024
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
8. LO.8 On April 5, 2023, Kinsey places in service a new automobile that cost $70,000. He does not elect 179 expensing, and he elects not to take any available additional first-year depreciation. The car is used 75% for business and 25% for personal use in each tax year. Kinsey chooses the MACRS 200\% declining-balance method of cost recovery (the auto is a 5-year asset). Compute the total depreciation allowed for 2023 and 2024 