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In April of 2022, Jack purchased and placed in service $70,000 of automobiles (5-year class...

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Accounting

In April of 2022, Jack purchased and placed in service $70,000 of automobiles (5-year class life) for his business. In August of 2022, he purchased and placed in service $40,000 of trucks (5-year class life) for his business. In November of 2022, he purchased and placed in service $90,000 of furniture (7-year class life) for his business. These are the only assets placed in service during the year. His taxable income (before the 179 deduction) for 2022 is $50,000. Jack elects to take his full allowable Section 179 deduction but no additional first-year depreciation in 2022. What depreciation convention (half-year mid-quarter, mid-month) will he be required to use under MACRS? Which assets should he allocate his Section 179 deduction to in 2022 in order to minimize his 2022 tax liability? What is Jacks depreciation deduction for 2022?

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