Answer question b.
Problem 8-47 (LO. 2, 3, 4)
On March 15, 2018, Helen purchased and placed in service a new
Escalade. The purchase price was $62,000, and the vehicle had a
rating of 6,500 GVW. The vehicle was used 100% for business.
If required, round your answers to the nearest dollar.
Click here to access the depreciation table to use for this
problem. Assume the following luxury automobile limitations: year
1: $10,000; year 2: $16,000.
a. Assuming that Helen does not use additional
first-year depreciation, calculate the total depreciation deduction
that she can take on the vehicle for 2018.
b. What is her total depreciation deduction if Helen
decided to take additional first-year depreciation?
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