Question

On March 1, 2018, Leo purchased and placed in service a new car that cost $73,800....

On March 1, 2018, Leo purchased and placed in service a new car that cost $73,800. The business use percentage for the car is always 100%. He does not take the additional first-year depreciation or any § 179.

If required, round your answers to the nearest dollar.

a. What MACRS convention applies to the new car?
Half-year

b. Is the automobile considered "listed property"?
Yes

c. Leo's cost recovery deduction in 2018 is $ and for 2019 is $

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
On July 15, 2019, Leo purchased and placed in service a new car that cost $73,800....
On July 15, 2019, Leo purchased and placed in service a new car that cost $73,800. The business use percentage for the car is always 100%. He does not take the additional first-year depreciation or any § 179. If required, round your answers to the nearest dollar. Click here to access the depreciation table of the textbook. Click here to access the limits for certain automobiles. a. What MACRS convention applies to the new car? b. Is the automobile considered...
Problem 8-42 (LO. 4) On June 5, 2019, Leo purchased and placed in service a new...
Problem 8-42 (LO. 4) On June 5, 2019, Leo purchased and placed in service a new car that cost $75,000. The business use percentage for the car is always 100%. Leo does not claim any available additional first-year depreciation or any § 179. If required, round your answers to the nearest dollar. Click here to access the depreciation table to use for this problem. Click here to access the limits for certain automobiles. a. What MACRS convention applies to the...
Problem 8-46 (LO. 4) On June 5, 2017, Leo purchased and placed in service a new...
Problem 8-46 (LO. 4) On June 5, 2017, Leo purchased and placed in service a new car that cost $20,000. The business use percentage for the car is always 100%. Leo claims any available additional first-year depreciation but does not claim any expense under § 179. If required, round your answers to the nearest dollar. Click here to access the depreciation table to use for this problem. Click here to access the limits for certain automobiles. a. What MACRS convention...
Problem 8-46 (Algorithmic) (LO. 4) On March 1, 2017, Leo purchased and placed in service a...
Problem 8-46 (Algorithmic) (LO. 4) On March 1, 2017, Leo purchased and placed in service a new car that cost $25,700. The business use percentage for the car is always 100%. He does take the additional first-year depreciation. If required, round your answers to the nearest dollar. Click here to access the depreciation table of the textbook. Click here to access the limits for certain automobiles. a. What MACRS convention applies to the new car? b. Is the automobile considered...
On June 5, 2018, Leo purchased and placed in service a new car that cost $75,000....
On June 5, 2018, Leo purchased and placed in service a new car that cost $75,000. The business use percentage for the car is always 100%. Leo does not claim any available additional first-year depreciation. Compute Leo’s cost recovery deduction for 2018 and 2019
5. On June 1, 2018, Irene places in service a new automobile (car under 6,000 lbs.)...
5. On June 1, 2018, Irene places in service a new automobile (car under 6,000 lbs.) that cost $21,000. This is the only asset placed in service in 2018. The car is used 100% for business. Irene elects out of bonus depreciation. Determine the maximum cost recovery deduction for 2018. Determine the maximum cost recovery deduction for 2019 (year 2). How would (a) and (b) change if the vehicle cost had been $60,000 in 2018? 2018: 2019:
2. On May 28, 2018, Marty purchased and placed into service a new $20,000 car. The...
2. On May 28, 2018, Marty purchased and placed into service a new $20,000 car. The car was used 40% for business, 30% for production of income and 30% for personal use. Compute Marty’s cost recovery deduction for 2018.
On October 15, 2018, Jon purchased and placed in service a used car. The purchase price...
On October 15, 2018, Jon purchased and placed in service a used car. The purchase price was $25,000. This was the only business use asset Jon acquired in 2018. He used the car 80% of the time for business and 20% for personal use. Jon used the regular MACRS method. Calculate the total cost recovery deduction Jon may take for 2018 with respect to the car.
Bonnie purchased a new business asset (five-year property) on March 10, 2018, at a cost of...
Bonnie purchased a new business asset (five-year property) on March 10, 2018, at a cost of $30,000. She also purchased a new business asset (seven-year property) on November 20, 2018, at a cost of $13,000. Bonnie did not elect to expense either of the assets under § 179, nor did she elect straight-line cost recovery. Bonnie takes additional first-year depreciation. Determine the cost recovery deduction for 2018 for these assets. a. $7,858 b. $9,586 c. $21,915 d. $43,000 e. None...
Required information [The following information applies to the questions displayed below.] Lina purchased a new car...
Required information [The following information applies to the questions displayed below.] Lina purchased a new car for use in her business during 2018. 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 2018 and 2019 (Lina doesn’t want to take bonus depreciation for 2018 or 2019) in the following alternative scenarios (assuming half-year convention for all)...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT