Answered step by step
Verified Expert Solution
Question
1 Approved Answer
[9] Lancelot owns a cabin that he rented for 4 months and lived in for 2 months. Lancelot received 56,000 in rental income, Lancelnte..... A.
[9] Lancelot owns a cabin that he rented for 4 months and lived in for 2 months. Lancelot received 56,000 in rental income, Lancelnte..... A. $3,200 B. $1,200 C. $2,400 D. $3,600 [10] Bonnie drove her new car, which cost $12,000, a total of 16,000 miles during the current year, Or those miles. 12,000 were related to her business (Bonnie is self-employed). Bonnle paid $5,500 for gas, $1,400 for repairs, and $600 be $2,400 if the car was used 100% for business. If Bonnional first year depreciation, first-year MACAS depreciation would and transportation expense? A. $5,625 B. $9,900 C. $7,425 D. $6,975 [11] Ron, a single taxpayer, contributed $6,800 to his IRA on November 4,2022 . He is covered under his employer's retirement program. The following is Ron's total income for 2022: What is his allowable IRA deduction on his 2022 income tax return? A. $6,000 B. $1,800 C. $0 D. $6,800
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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