Question
5. Chelsea, who is self-employed, drove her automobile a total of 20,000 business miles in 2017. This represents about 75% of the auto's use. She
5. Chelsea, who is self-employed, drove her automobile a total of 20,000 business miles in 2017. This represents about 75% of the auto's use. She has receipts as follows:
| Parking (business only) | $500 |
| Tolls (business only) | 200 |
| Repairs | $1,000 |
Chelsea has an AGI for the year of $50,000. Chelsea uses the standard mileage rate method. After application of any relevant floors or other limitations, she can deduct
A) $11,400.
B) $12,400.
C) $10,700.
D) $11,700.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Management And Cost Accounting Student Manual Free Tracked Delivery
Authors: Colin Drury, Mike Tayles
1st Edition
9781473773622
