Question: On October 1 5 , 2 0 2 4 , Jon purchased and placed in service a used car that cost $ 3 8 ,

On October 15,2024, Jon purchased and placed in service a used car that cost $38,000. This was the only business use asset Jon acquired in 2024. He used the car 80% of the time for business and 20% for personal use. Jon does not elect 179 expensing, and does not claim any available additional first-year depreciation.

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