The IRS allows an individual to deduct business expenses in the following way: $0.45 per mile driven,
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Question:
The IRS allows an individual to deduct business expenses in the following way: $0.45 per mile driven, 50% of entertainment costs, and 100% of actual expenses. Represent these deductions in the given order as a row matrix A. In 2006, Jamie had the following business expenses: $2700 in entertainment, $15,200 actual expenses, and he drove 7523 miles. Represent Jamie’s expenses in the given order as a column matrix B. Multiply these two matrices to find the total amount of business expenses Jamie can claim on his 2006 federal tax form: AB.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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