Depreciation Assignment | Homework For You
Exercise 8-27 (Algorithmic) (LO. 4) On April 5, 2019, Kinsey places in service a new automobile that cost $62,750. He does not elect 5 179 expensing, and he elects not to take any available additional first-year depreciation. The car is used 80% for business and 20% 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).
Click here to access the depreciation table to use for this problem.
Assume the following luxury automobile limitations: year 1: $10,000; year 2: $16,000.
If required, round your final answers to the nearest dollar.
Compute the total depreciation allowed for:
2019:
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