23. Cole purchased a car for business and personal use. In 2020, he used the car 60% for business (15,000 total miles for the year of which 60% were business) and used the standard mileage rate to calculate his vehicle expenses. He also paid $1,500 in interest and $360 in county property tax on the car. What is the total business deduction related to business use of the car rounded to the nearest dollar? A) $1,860. B) $5,175. C) $9,741. D) $6,291. 24. Chris runs a business out of her home. She uses 600 square feet of her home exclusively for the business. Her home is 2400 square feet in total. Chris had $36,000 of business revenue and $32,000 of business expenses from her home business. The following expenses relate to her home: Mortgage interest $12,400 Real estate taxes 1,800 Repairs 3,200 Utilities 2,600 Insurance 650 Depreciation (on business use portion of home) 1,750 What is Chris' net income from her business and the amount of expenses carried over to the following year, if any? a. b. Net Income S 0 $ 0 $ 4,000 $ 36,000 Carryover $ 2,913 $ 0 $ 4,130 S 0 c. d. 25. For the year ended December 31, 2020, David, a married taxpayer filing a joint return, reported the following: Investment income from taxable interest $50,000 Investment expenses (advisor) $ 5,000 Interest expense on funds borrowed in 2020 to purchase investment property $50,000 What is the maximum amount that David can deduct in 2020 as investment interest expense? a. 550,000 . $30,000 $45,000 d. $25,000 e. None of the Jabove