45. LO.8 On October 15, 2021, Jon purchased and placed in service a used car. The purchase...

Question:

45. LO.8 On October 15, 2021, Jon purchased and placed in service a used car. The purchase price was $38,000. This was the only business use asset Jon acquired in 2021. He used the car 80% of the time for business and 20% for personal use.

Jon used the regular MACRS method. Calculate the total deduction Jon may take for 2021 with respect to the car.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Essentials Of Taxation Individuals And Business Entities

ISBN: 233160

1st Edition

Authors: Nellen/Young/Raabe/Maloney

See More Books

Question Posted: Jul 18, 2024 07:06 AM

See More Questions

QUESTION 3 An equity analyst wants to verify whether there is a variation in the mean rate of return for & types of equity The analy subhed a sample of 115 Ed conducted on ANOVA bond that in shown as...
Your favorite basketball player is playing in March Madness tonight. You are anxious because you are not sure how well they are going to play. Fortunately for you, we have a random variable X that...
On October 15, 2016, Jon purchased and placed in service a used car. The purchase price was $25,000. This was the only business-use asset Jon acquired in 2016. He used the car 80% of the time for...
In Fig. P2.72 gate AB is circular. Find the moment of the hydrostatic force on this gate about axis A. Neglect atmospheric pressure.
Recently, the head of the Federal Deposit Insurance Corporation (FDIC) revealed that the agency maintains a secret list of banks suspected of being in financial trouble. The FDIC chief further stated...
A string with linear density 2.0 g/m is stretched along the positive x-axis with tension 20 N. One end of the string, at x = 0 m, is tied to a hook that oscillates up and down at a frequency of 100...
What future activities would you suggest for Toyota as it strives to improve its reputation?
Morley Properties is planning to build a condominium development on St. Simons Island, Georgia. The company is trying to decide between building a small, medium, or large development. The payoffs...
please show me how to solve those problems in steps !! Question 9 (8 marks) The maintenance costs of a piece of equipment are expected to be $125 at the end of the first year and expected to increase...
46. LO.8 On June 5, 2020, Leo purchased and placed in service a new car that cost $75,000. The business use percentage for the car is always 100%. Leo does not claim any available additional...
44. LO.8 Jabari Johnson is considering acquiring an automobile at the beginning of 2022 that he will use 100% of the time as a taxi. The purchase price of the automobile is $68,000. Johnson has heard...
How Can an ACO Improve the Health of Its Population? case: Using all parts of the communication model presented in this chapter, explain how Ms. Dillow could communicate to engage patients and...
Aircraft $B$ has a constant speed of $150 \mathrm{~m} / \mathrm{s}$ as it passes the bottom of a circular loop of 400-m radius. Aircraft $A$ flying horizontally in the plane of the loop passes...
A small inspection car with a mass of $200 \mathrm{~kg}$ runs along the fixed overhead cable and is controlled by the attached cable at $A$. Determine the acceleration of the car when the control...
An aircraft $P$ takes off at $A$ with a velocity $v_{0}$ of $250 \mathrm{~km} / \mathrm{h}$ and climbs in the vertical $y^{\prime}-z^{\prime}$ plane at the constant $15^{\circ}$ angle...
If each resistor in Figure P31.75 has resistance $R=5.0 \Omega$, what is the equivalent resistance of the combination? Data from Figure P31.75 wwwwww wwwww www www wwwww
Identify the proper point to recognize expense for each of the following transactions. a. Kat Inc. purchases on credit six custom sofas for $\$ 800$ each in June. Two of the sofas are sold for \(\$...
The following data were taken from the financial statements of Weal Construction Inc. for December 31, 2010 and 2009: The income before income tax was $720,000 and $560,000 for the years 2010 and...
Evaluate each logarithm to four decimal places. log 0.257
Question 1 of 1 Bramble Industries had sales in 2 0 2 1 of $ 8 , 2 9 6 , 0 0 0 and gross profit of $ 1 , 3 4 2 , 0 0 0 . Management is considering two alternative budget plans to increase its gross...
Beta-neutral hedge funds typically ______ relative mispricing of specific securities and ______ broad market exposure. A. hedge; hedge B. bet on; bet on C. bet on; hedge D. hedge; bet on
Nova Sun Ltd. is a levered firm with a weighted average cost of capital of 9%. Currently it has a debt to equity ratio of 1.5, a before-tax cost of debt of 5.5% and a corporate tax rate of 35%....

45. LO.8 On October 15, 2021, Jon purchased and placed in service a used car. The purchase...

Question:

Step by Step Answer:

Essentials Of Taxation Individuals And Business Entities

Students also viewed these Business questions