Kinsey places in service a new automobile that cost 36000


On April 5, 2015, Kinsey places in service a new automobile that cost $36,000. He does not elect 179 expending, and he elects not to take any available additional first-year depreciation. The car is used 70% for the business and 30% for personal use in each tax year.

Kinsley chooses the MACRS 200% declining-balance method of cost recovery (the auto is a 5-year asset). Assume the following luxury automobile limitations: year 1: $3,160; year 2: $5,100. Compute the total depreciation allowed for 2015 and 2016.

 

 

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Financial Accounting: Kinsey places in service a new automobile that cost 36000
Reference No:- TGS01220027

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