49. LO.2, 4 On October 15, 2013, Jon purchased and placed in service a used car. The...

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49. LO.2, 4 On October 15, 2013, Jon purchased and placed in service a used car. The purchase price was $25,000. This was the only business use asset Jon acquired in 2013.

He used the car 80% of the time for business and 20% for personal use. Jon used the statutory percentage method of cost recovery. Calculate the total deduction Jon may take for 2013 with respect to the car.

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South-Western Federal Taxation 2014 Corporations Partnerships Estates And Trusts

ISBN: 9781285424484

37th Edition

Authors: William H. Hoffman Jr., William A. Raabe, James E. Smith, David M. Maloney, James C. Young

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