Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved 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

image text in transcribedimage text in transcribed

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 $1,630 for gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $3,900. During the year, he drove his car a total of 13,200 miles (a combination of business and personal travel). (Do not round intermediate calculations. Round your final answer to the nearest dollar amount.) a. Ryan can provide written documentation of the business purpose for trips totaling 2,640 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 with AI-Powered 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

Advanced Accounting

Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik

10th edition

0-07-794127-6, 978-0-07-79412, 978-0077431808

Students also viewed these Accounting questions