Question
Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $2,330 for gasoline on these trips. His depreciation
Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $2,330 for gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $3,300. During the year, he drove his car a total of 14,300 miles (a combination of business and personal travel). (Round your final answers to the nearest whole dollar amount.)
a. Ryan can provide written documentation of the business purpose for trips totaling 4,290 miles. What business expense amount can Ryan deduct (if any) for these trips?
b. Ryan estimates that he drove approximately 2,055 miles on business trips, but he can only provide written documentation of the business purpose for trips totaling 1,250 miles. What business expense amount can Ryan deduct (if any) for these trips?
b. Suppose that after the accident, Amy repaired the equipment for $1,350. What amount can Amy deduct for the loss of the equipment?
c. Suppose that after the accident, Amy could not replace the equipment so she had the equipment repaired for $3,700. What amount can Amy deduct for the loss of the equipment?
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