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Compute the total depreciation allowed

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Question - On April 5, 2021, Kinsey places in service a new automobile that cost $43,250. He does not elect § 179 expensing, and he elects not to take any available additional first-year depreciation. The car is used 95% for business and 5% for personal use in each tax year. Kinsey 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: $10,100; year 2: $16,100.

Compute the total depreciation allowed for 2021 and 2022.

Reference no: EM133149412

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