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Calculate patrick depreciation expense on the automobile

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Reference no: EM131744550

Question: 1. Jenny constructed a building for use as a residential rental property. The cost of the building was $82,488, and it was placed in service on August 1, 1992. The building has a 27.5-year MACRS life. What is the amount of depreciation on the building for 2016 for tax purposes? Select one:

a. $2,250

b. $3,000

c. $6,000

d. $6,547

e. None of the above

2. Patrick purchased a used passenger automobile on June 1, 2016. He paid $19,000 for the automobile. During 2016, he uses the automobile 75 percent of the time for business. Patrick wishes to claim the maximum amount of depreciation possible (no bonus depreciation or election to expense).

a. Calculate Patrick's depreciation expense on the automobile for 2015

b. Calculate Patrick's depreciation expense on the automobile for 2017, assuming the same 75 percent business use.

Reference no: EM131744550

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