Multiple Choice
In 2015, a taxpayer purchases a new automobile (5 year recovery) for $56,000 for 100% use in her business. What is the total cost recovery assuming that the taxpayer does or does not elect bonus depreciation on the auto (half-year convention but no immediate expensing) ?
A) $11,200 with bonus and $3,160 without bonus
B) $11,160 with bonus and $11,200 without bonus
C) $11,160 with bonus and $3,160 without bonus
D) $8,000 with bonus and $3,160 without bonus
Correct Answer:
Verified
Correct Answer:
Verified
Q10: Which one of the following is true
Q23: The hybrid method of accounting involves the
Q52: The tax law imposes restrictions on the
Q75: Routine maintenance costs for capital assets are
Q84: Depreciation refers to the physical deterioration or
Q98: On October 21, 2015, Jay purchased a
Q99: Scott purchases a small business from Lew
Q104: On May 2, 2015, Scott purchased a
Q105: Polly is a cash basis taxpayer with
Q107: A taxpayer places a $50,000 5-year recovery