On April 5, 2023, Kinsey places in service a new automobile that cost $70,000. He...
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Accounting
On April 5, 2023, Kinsey places in service a new automobile that cost $70,000. He does not elect 179 expensing, and he elects not to take any available additional first-year depreciation. The car is used 75% for business and 25% for personal use in each tax year. Kinsey uses the regular MACRS method of cost recovery (the auto is a 5-year asset). Click here to access the to use for this problem. Compute the total depreciation allowed for: 2023: $ 2024: $
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