If an automobile is placed in service in 2015,the limitation for cost recovery in 2017 will be based on the cost recovery limits for the year 2015.

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Quizplus · Accepted Answer

This statement is true. The cost recovery limits for an asset are based on the year the asset was placed in service. Therefore, if an automobile was placed in service in 2015, the cost recovery limits for that asset in 2017 would be based on the limits for 2015.

If an Automobile Is Placed in Service in 2015,the Limitation