QUESTION 73

Kenny Raymond uses his vehicle in the business he owns (Sole Proprietor). Kenny drives to his office every day to pick up the schedule for his appointments, leaves to his appointments, and comes back to the office at the end of the day to return his schedule along with details about each appointment.What item below is listed incorrectly as information Kenny needs to keep for the business use of his vehicle? a) Commuting mileage (to and from work). b) Beginning mileage and ending mileage (kept daily). c) Business mileage and purpose. d) Number of days the car was used for business purposes.

Question 74

Before the TCJA law passed, taxpayers were allowed to deduct, as depreciation expenses, 50% of the cost of most new tangible property in the year that it was placed in service. Effective for property placed in service and acquired after September 27, 2017, the TCJA raised the 50% bonus depreciation allowance to _______%. Additionally, the post-September 27, 2017 property eligible for bonus depreciation can be new or used. a) 75% b) 100% c) 85% d) None of the above