If an automobile is purchased for 100% use in the taxpayer's business, the annual automobile depreciation...
If an automobile is purchased for 100% use in the
taxpayer's business, the annual automobile depreciation does not
apply
true or false
Homework Answers
Solution: The answer is FALSE.
Explanation:
1) Here in this question, An automobile has been 100% used for taxpayer`s business only, not for personal purpose.
2) Then taxpayer has the right to claim depreciation for that automobile from year of purchase up to it`s useful life.
3) So, Statement is false
Add Answer to:
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The auto was the only business asset she purchased during the year
and her business was extremely profitable. Calculate her maximum
depreciation deductions (including §179 expense unless stated
otherwise) for the automobile in 2019 and 2020 (Lina doesn’t want
to take bonus depreciation for 2019 or 2020) in the following
alternative scenarios (assuming half-year convention for all)
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to take bonus depreciation for 2019 or 2020) in the following
alternative scenarios (assuming half-year convention for all)
e. The vehicle cost $80,000, and she used it 20 percent...
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and her business was extremely profitable. Calculate her maximum
depreciation deductions (including §179 expense unless stated
otherwise) for the automobile in 2019 and 2020 (Lina doesn’t want
to take bonus depreciation for 2019 or 2020) in the following
alternative scenarios (assuming half-year convention for all)
d. The vehicle cost $80,000, and she used it 80 percent...
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