In 2011, RayeAnn acquires a car for $14,000. She uses the car in her advertising business and
Question:
In 2011, RayeAnn acquires a car for $14,000. She uses the car in her advertising business and for personal purposes. Her records indicate the car is used 70% for business and that her total annual operating expenses, including depreciation, are $3,800.
a. How should RayeAnn treat the operating costs of the car for tax purposes?
b. In 2014, RayeAnn sells the car for $6,500. Her business use for 2012 through 2014 remains at 70%, and she properly deducted $5,880 in depreciation. What is her taxable gain or loss from the sale of the car?
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a The car is considered a mixeduse asset The expenses associated with a mixeduse asset must be alloc...View the full answer
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Related Book For 
Concepts In Federal Taxation
ISBN: 9780324379556
19th Edition
Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher
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