90.2K

Verified Solution

Link Copied!

On March $15,2024,$ Helen purchased and placed in service a new Acura MDX$.$ The purchase price of the automobile was $$62,000,$ and the vehicle had a rating of $6,500$ GVW$.$ The vehicle was used $100\%$ for business.

If required, round your answers to the nearest dollar.

Click here to access the depreciation table to use for this problem.

a$.$ Assuming that Helen does not use additional first$-$year depreciation, calculate the total depreciation deduction that she can take on the vehicle for $2024.$

Section $179$ expense $$\_\_\_\_\_\_\_\_\_$Problem $8-43($LO$.2,3,4)$

On March $15,2024,$ Helen purchased and placed in service a new Acura MDX$.$ The purchase price of the automobile was $$62,000,$ and the

vehicle had a rating of $6,500GVW.$ The vehicle was used $100\%$ for business.

If required, round your answers to the nearest dollar.

Click here to access the depreciation table to use for this problem.

a$.$ Assuming that Helen does not use additional first$-$year depreciation, calculate the total depreciation deduction that she can take on the

vehicle for $2024.$

b$.$ What is her total depreciation deduction if Helen decided to take additional first$-$year depreciation?

Check My Work

The law places special limitations on the cost recovery deduction for passenger automobiles. These statutory dollar limits were imposed on

passenger automobiles because of the belief that the tax system was being used to underwrite automobiles whose cost and luxury far exceeded

what was needed for their business use. However, there are different rules for vehicles with a GVW of more than $6,000$ Ibs.

MACRS cost recovery $\_\_\_\_\_\_\_\_$

Total deduction $$\_\_\_\_\_\_\_$

b$.$ What is her total depreciation deduction if Helen decided to take additional first$-$year depreciation?

$$\_\_\_\_\_\_\_$

The photos below show the incorrect answers: Feedback

Check My Work

The law places special limitations on the cost recovery deduction for passenger automobiles. These statutory dollar limits were imposed on

passenger automobiles because of the belief that the tax system was being used to underwrite automobiles whose cost and luxury far exceeded

what was needed for their business use. However, there are different rules for vehicles with a GVW of more than $6,000$ lbs$.$

Show all imagesShow all images

Answer & Explanation Solved by verified expert

See Answer