On June 1, 2020, Kirsten buys an automobile for $60,000. Her mileage log for the year reveals
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On June 1, 2020, Kirsten buys an automobile for $60,000. Her mileage log for the year reveals the following: 20,000 miles for business purposes; 7,000 miles for personal reasons; and 3,000 miles commuting to and from work. What is Kirsten’s maximum cost-recovery deduction for 2020?
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Kristens depreciation deduction on the automobile is limited in two ways First only the business portion of the basis may be depreciated Therefore onl...View the full answer
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Related Book For 
Concepts In Federal Taxation 2021
ISBN: 9780357141212
28th Edition
Authors: Kevin E. Murphy, Mark Higgins, Randy Skalberg
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