On February 1, 2021, Leo purchased and placed in service a new car that cost...
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Accounting
On February 1, 2021, Leo purchased and placed in service a new car that cost $56,400. The business use percentage for the car is alwa 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 automoblle considered "listed property"? c. Leo's cost recovery deduction in 2021 is 3 and for 2022 is 1
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