Mike purchases a new heavy-duty truck (five-year class recovery property) for his delivery service on March 30, 2023. No other assets were purchased during the year. The truck is not considered a passenger automobile for purposes of the listed property and luxury automobile limitations. The truck has a depreciable basis of $50,000 and an estimated useful life of five years. Assume half-year convention for tax. Click here to access the depreciation tables. Question Content Area a. Calculate the amount of depreciation for 2023 using the straight-line depreciation election, using MACRS tables over the minimum number of years with no bonus depreciation or election to expense. fill in the blank 1 of 1$ 5,000 Feedback Area Feedback Correct Question Content Area b. Calculate the amount of depreciation for 2023, including bonus depreciation but no election to expense, that Mike could deduct using the MACRS tables. fill in the blank 1 of 1$ 5,000 Feedback Area Feedback Incorrect Question Content Area c. Calculate the amount of depreciation for 2023 including the election to expense and depreciation that Mike could deduct. Assume no income limit on the expense election. fill in the blank 1 of 1$ 50,000

a. To calculate the straight-line depreciation for the truck, you would divide the depreciable basis by the recovery period. Since the truck is a five-year class property and we're assuming a half-year convention, the first year's depreciation would be 1/5 of the depreciable basis, adjusted for the half-year convention: $50,000 / 5 years = $10,000 per year For the half-year convention in the first year, you take half of the annual depreciation: $10,000 / 2 = $5,000 So, the correct amount of straight-line depreciation for 2023 is $5,000. b. Under MACRS, if Mike elects to take bonus depreciation, he can deduct a certain percentage of the cost of the truck in the first year. For 2023, the bonus depreciation is generally 100%. Therefore, Mike could deduct the entire cost of the truck in the first year: $50,000 x 100% = $50,000 So, the correct amount of depreciation for 2023, including bonus depreciation, is $50,000. c. If Mike elects to expense the cost of the truck under Section 179, and assuming there is no income limit or other investment limit affecting the deduction, he could potentially deduct the entire cost of the truck in the first year: $50,000 Since he is expensing the entire cost, there is no need to calculate further

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