Alyssa bought a machine (7-year property) for her business on May 5, 2021 for $6.400....
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Alyssa bought a machine (7-year property) for her business on May 5, 2021 for $6.400. She uses the machine 75% of the time in her business and her personal use is 25%. This is the only business set she acquired in 2021. What is the amount of depreciation she can deduct for 2021 for this machine assuming she does not elect to use Section 179 and she elects out of Bonus depreciation for the year? $686 O $4,800 O $960 O $915 O $6,400 Which of the following statements is false?" Luxury automobiles have a maximum depreciation limit for each year. O The tax law limits the allowable depreciation on listed property to the portion of the asset used for business purposes. O Business assets that tend to be used for both business and personal purposes are referred to as listed property O Depreciation on automobiles weighing more than 6,000 pounds gross vehicle weight is subject to luxury automobile provisions
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