On October 15, 2018, Jon purchased and placed in service a used car. The purchase price was $25,000. This was the only business use asset Jon acquired in 2018. He used the car 80% of the time for business and 20% for personal use. Jon used the regular MACRS method and does not claim any expense under § 179 or additional first-year depreciation. If required, round your answers to the nearest dollar. Click here to access Exhibit 8.4 and Exhibit 8.5 of the textbook. Click here to access the limits for certain automobiles. a. Is the car eligible for additional first-year depreciation? Yes b. What MACRS convention applies to the new car? Mid-quarter c. Is the automobile considered "listed property"? Yes d. Does the automobile satisfy the "predominantly used for business" definition? Yes e. The total cost recovery deduction Jon may take for 2018 with respect to the car is $
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “On October 15, 2018, Jon purchased and placed in service a used car. The purchase price was $25,000. This was the only business use asset ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
When kwame listens to a customer, he paraphrases the customer's request or complaint to make sure he understands it. which active listening skill is he using?
Answers (1)
What is one main objective in the study of economics? recognizing the types of services available to everyone recognizing the relationship between producers and consumers recognizing the reasons why consumers supply services recognizing the
Answers (1)
List two reasons why people had favorable opinions about the impact of big business.
Answers (1)
FoodMart Inc. is a grocery supermarket chain with 65 stores in various locations across the country. For the past year, total revenues have been steadily declining, and the management wants to make some changes to try and improve earnings.
Answers (1)
July 1 Sold $21,200 of computers to Company with terms 3/15, n/60. Riverbed uses the gross method to record cash discounts. Riverbed estimates allowances of $1,378 will be honored on these sales.
Answers (1)
New Questions in Business
An insured purchased an insurance policy 5 years ago. last year, she received a dividend check from the insurance company that was not taxable. this year, she did not receive a check from the insurer.
Answers (1)
An investor shorts 100 shares when the share price is $50 and closes out the position six months later when the share price is $43. The shares pay a dividend of $3 per share during the six months. What is the investor's profit or loss? a.
Answers (1)
Which term refers to the beginning of the constitution?
Answers (1)
The risks of a focus strategy include: a. decisions by focused competitors to use their resources to serve a wider range of customers' needs. b.
Answers (1)
Floyd Industries stock has a beta of 1.30. The company just paid a dividend of $.30, and the dividends are expected to grow at 4 percent per year. The expected return on the market is 13 percent, and Treasury bills are yielding 4.5 percent.
Answers (1)