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Modified Accelerated Cost Recovery System (MACRS), Listed Property,

Modified Accelerated Cost Recovery System (MACRS), Listed Property, Limitation on Depreciation of Luxury Automobiles(LO 8.2, 8.4, 8.5) On September 14, 2022, Jay purchased a passenger automobile that is used 75 percent in his business. The automobile has a basis for depreciation purposes of $48,000, and Jay uses the accelerated method under MACRS. Jay does not…

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