GFC Corporation Purchased a New $50,000 Automobile for Business Use

Essay

GFC Corporation purchased a new $50,000 automobile for business use by its president in June, 2018.
A) Determine the corporation's maximum depreciation deduction in years 1 and 2. In what year will the corporation take its final depreciation deduction if the car is held until fully depreciated?
B) How would your answers change if the automobile was purchased and placed in service in March of 2017?
C) How would your answer change if the automobile was used, purchased, and placed in service in March of 2017?