Problemtammy acquired an automobile for 20000 on july 1, Ask an Expert

Accounting

Problem:

Tammy acquired an automobile for $20,000 on July 1, 2010. She used the automobile partially for business purposes during the 2010-2013 periods. The percentage of business use is as follows: 2009, 70%, 2011, 70%, 2012, 40%, 2013, 35%. The automobile is 5-year recovery property, and Tammy did not elect Sec. 179 expensing or bonus depreciation.

Required:

Question 1: Compute the MACRS depreciation deduction for 2010-2013

Question 2: What amount of previously claimed depreciation deduction (if any) must Tammy recapture in 2013?

Note: Please provide reasons to support your answer.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91165499

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