Shellie Purchased a Passenger Automobile on March 2, 2019

question 5

Essay

Shellie purchased a passenger automobile on March 2, 2019. She paid $65,000 for the automobile and can support business use of 85 percent. Calculate the amount of depreciation on the automobile for 2019 using the accelerated MACRS method (if available), assuming Shellie does not make the election to expense or claim bonus depreciation.

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Definitions:

Capital

Financial assets or the financial value of assets, such as cash and buildings, that are utilized to start or maintain a business.

Assets

Economic resources owned or controlled by a business or individual, capable of producing value and categorized as either current or non-current.

Experience

The knowledge or skill acquired by a person through involvement in or exposure to events, situations, or activities.

Business Opportunities

Circumstances or situations that can be leveraged by entrepreneurs or companies to achieve financial growth or competitive advantage.