Jackson uses his automobile 90% for business and during 2016 drove a total of 14,000 business miles.
Question:
Business parking .......................................................$ 140
Auto insurance .........................................................1,300
Auto club dues (includes towing service) .............................180
Toll road charges (business-related) ...................................200
Oil changes and engine tune-ups .......................................210
Repairs .....................................................................160
Depreciation allowable ................................................2,850
Fines for traffic violations (incurred during
business use) ...............................................................320
Gasoline purchases .....................................................2,800
What is Jackson's deduction in 2016 for the use of his car if he uses:
a. The actual cost method?
b. The automatic mileage method?
c. What records must Jackson maintain?
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Related Book For
South Western Federal Taxation 2017 Comprehensive
ISBN: 9781305874169
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
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