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On January 20, 2023, Ron purchased and placed in service a single asset: a pre-owned dealership-certified passenger car. The car was the only depreciable personal
On January 20, 2023, Ron purchased and placed in service a single asset: a pre-owned dealership-certified passenger car. The car was the only depreciable personal property purchased for his business that year. The purchase price was $70,000. Ron drove the car 10,000 miles during the remainder of the year, 8,000 miles for business, and 2,000 miles for personal use. Ron used the statutory percentage method of cost recovery (i.e., double declining depreciation method). Calculate the total deduction Ron may take for 2023 with respect to the car (assume that section 179 or Bonus Depreciation were not elected)
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