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c. The vehicle cost $88,000, and she used it 80 percent for business. Tahle 1...

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Accounting

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c. The vehicle cost $88,000, and she used it 80 percent for business. Tahle 1 MACRS Half-Year Convention Required information [The following information applies to the questions displayed below.] Lina purchased a new car for use in her business during 2022. 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 2022 and 2023 (Lina doesn't want to take bonus depreciation for 2022 or 2023) 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 $33,600, and business use is 100 percent (ignore $179 expense). b. The vehicle cost $88,000, and business use is 100 percent. EXHIBIT 10-10 Automobile Depreciation Limits *As of press date, the IRS had not released the 2022 limitations for automobiles, so throughout the chapter we use the same limitations as in 2021 for 2022. $8,000 additional depreciation is allowed when bonus depreciation is claimed [$168(k)(2)(F)]

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