Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Cole purchased a car for business and personal use. In 2022, he used the car 60% for business (13,000 total use miles ratably through

Cole purchased a car for business and personal use. In 2022, he used the car 60% for business (13,000 total use miles – ratably through the year) 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?


Step by Step Solution

There are 3 Steps involved in it

Step: 1

To calculate Coles total business deduction related to the business use of the car we need to consid... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

More Books

Students also viewed these Accounting questions

Question

=+c) Compare your forecast to the actual value (by computing APE).

Answered: 1 week ago

Question

Q) a) what is accounting b) types of accounting

Answered: 1 week ago