On April 5th, 2015, Kinsey places in service a new automobile that costs $36,000

Question

On April 5th, 2015, Kinsey places in service a new automobile that costs $36,000. He does not elect section 179 expensing and he elects not to take any available additional first year depreciation. His car is used 70% business and 30% for personal in each tax year.

Kinsey chooses the MACRS 200% declining balance method of cost recovery (the auto is a 5 year asset) Assume the following luxury automobile limitations year 1 $36,000; year 2 $5,100 Compute the total depreciation allowed for 2015 and 2016.

Explanation / Answer

On April 5th, 2015, Kinsey places in service a new automobile that costs $36,000

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