On July 21, 2019, Andrew purchased and placed in service a new car. The purchase price...
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On July 21, 2019, Andrew purchased and placed in service a new car. The purchase price was $52,000. This was the only business-use asset Andrew acquired in 2019. He used the car 85% of the time for business and 15% for personal use and maintains proper documentation of use. Andrew would like to deduct the maximum amount possible. Calculate the total deduction Andrew can take with respect to the car for 2019. On July 21, 2019, Andrew purchased and placed in service a new car. The purchase price was $52,000. This was the only business-use asset Andrew acquired in 2019. He used the car 85% of the time for business and 15% for personal use and maintains proper documentation of use. Andrew would like to deduct the maximum amount possible. Calculate the total deduction Andrew can take with respect to the car for 2019.
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Answer rating: 100% (QA)
To calculate the total deduction Andrew can take with respect to the car for 2019 we need to consider the business use percentage and apply the releva... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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