Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Parts a and b need an answer Required Information [The following information applies to the questions displayed below.] Ryan is self-employed. This year Ryan used

image text in transcribed

image text in transcribed

Parts a and b need an answer

Required Information [The following information applies to the questions displayed below.] Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $2,010 for gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $4,500. During the year, he drove his car a total of 16,400 miles (a combination of business and personal travel). (Do not round Intermediate calculations. Round your final answers to the nearest whole dollar amount.) a. Ryan can provide written documentation of the business purpose for trips totalling 6,560 miles. What business expense amount can Ryan deduct (if any) for these trips? Maximum deductible amount b. Ryan estimates that he drove approximately 1,525 miles on business trips, but he can only provide written documentation of the business purpose for trips totaling 860 miles. What business expense amount can Ryan deduct (if any) for these trips? Maximum deductible amount

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Step: 3

blur-text-image

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

Essentials of Accounting for Governmental and Not-for-Profit Organizations

Authors: Paul A. Copley

10th Edition

007352705X, 978-0073527055

More Books

Students also viewed these Accounting questions