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The standard mileage rate encompasses all of the following auto costs except for: Multiple Choice Maintenance and repairs. Gasoline, oil, and insurance. Depreciation or lease
The standard mileage rate encompasses all of the following auto costs except for:
Multiple Choice
Maintenance and repairs.
Gasoline, oil, and insurance.
Depreciation or lease payments.
Auto property taxes.
.
.
If property is converted from personal-use property to business property, the depreciable cost basis is which of the following?
Multiple Choice
FMV of the asset.
The lower of the cost or FMV at the date of conversion.
The cost of a new similar asset at the date of conversion.
Cost of the asset.
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