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During the current year, Matt used his personal car for both business and personal purposes. During the year, he drove 5,000 miles on business-related trips
During the current year, Matt used his personal car for both business and personal purposes. During the year, he drove 5,000 miles on business-related trips and 7,000 miles for personal purposes. He incurred $6,500 of car expenses during the year. Based on this information, what amount of the car expenses are deductible as business-related expenses on Matt's current year tax return? Show computations.
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