On October 15, 2014, Jon purchased and placed in service a used car. The purchase price was
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On October 15, 2014, Jon purchased and placed in service a used car. The purchase price was $25,000. This was the only business-use asset Jon acquired in 2014. He used the car 80% of the time for business and 20% for personal use. Jon used the MACRS statutory percentage method. Calculate the total deduction Jon may take for 2014 with respect to the car.
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Because the car is a used car it is not eligible for additional firstyear ...View the full answer
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Related Book For
South Western Federal Taxation 2015 Essentials Of Taxation Individuals And Business Entities
ISBN: 9781285438290
18th Edition
Authors: James Smith, William Raabe, David Maloney, James Young
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