Patrick purchased a used passenger automobile on June 1, 2016. He paid $19,000 for the automobile. During 2016, he uses the automobile 75 percent of the time for business. Patrick wishes to claim the maximum amount of depreciation possible (no bonus depreciation or election to expense).
a.Calculate Patrick's depreciation expense on the automobile for 2015
b.
Calculate Patrick's depreciation expense on the automobile for 2017, assuming the same 75 percent business use.

Question

Patrick purchased a used passenger automobile on June 1, 2016. He paid $19,000 for the automobile. During 2016, he uses the automobile 75 percent of the time for business. Patrick wishes to claim the maximum amount of depreciation possible (no bonus depreciation or election to expense).
a.Calculate Patrick's depreciation expense on the automobile for 2015
b.​
Calculate Patrick's depreciation expense on the automobile for 2017, assuming the same 75 percent business use.

Quizplus · Accepted Answer

The Answer of Patrick purchased a used passenger automobile on June 1, 2016. He paid $19,000 for the automobile. During 2016, he uses the automobile 75 percent of the time for business. Patrick wishes to claim the maximum amount of depreciation possible (no bonus depreciation or election to expense).
a.Calculate Patrick's depreciation expense on the automobile for 2015
b.​
Calculate Patrick's depreciation expense on the automobile for 2017, assuming the same 75 percent business use.

Patrick Purchased a Used Passenger Automobile on June 1, 2016