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****** Luxury Car Limitations 1. Luxury car purchased for $72,000 ...

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Accounting

******
Luxury Car Limitations
1.
Luxury car purchased for $72,000
Placed in service on January 12,2023
No Section 179 or Bonus Depreciation
5-year MACRS depreciation
Calculate the depreciation deduction for Year 1, taking into account the luxury car limitations.
.2.
Comparing Depreciation Methods over Time
Car purchased for $42,000
Placed in service on August 30,2023
Section 179 Expense elected: $6,000
Eligible for 100% Bonus Depreciation
Calculate the depreciation deductions for Year 1 AND Year 2 under the following scenarios:
Scenario A: Bonus Depreciation taken
Scenario B: B
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