Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 9-23 (c) (LO. 2) Bemard, who is self-employed, uses his automobile 80% for business and during 2019 drove a total of 12,300 business miles.

image text in transcribed
Problem 9-23 (c) (LO. 2) Bemard, who is self-employed, uses his automobile 80% for business and during 2019 drove a total of 12,300 business miles. Information regarding his car expenses is listed below. Business parking $65 Auto insurance 1,950 340 Toll road charges (business-related) Oil changes and engine tune-ups Repairs 145 Depreciation allowable Parking fines 720 2,455 Gasoline purchases 3,100 What is Bernard's deduction in 2019 for the use of his car if he uses: If required, round your final answers to the nearest dollar a. The actual cost method? b. The automatic mileage method

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_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

Auditing Theory And Practice

Authors: John Dunn

2nd Edition

0132408961, 978-0132408967

More Books

Students also viewed these Accounting questions