Joe purchased a delivery van for his business through an online auction. His winning bid for the van was $24,500. In addition, Jose incurred the following expenses before using the van: shipping cost of $650; paint to match the other fleet vehicles at a cost of $1,000; registration costs of $3,200. Which included $3,000 of sales tax and an annual registration fee of $200; wash and detailing for $50; and an engine tune-up for $250. What is Jose’s cost basis for the delivery van?

CNBC reported that one in five consumers who purchase bitcoin do so using their credit card. Melissa Gamez purchased a used RV with 20,000 miles for $47,900. Originally the RV sold for $75,000 with a residual value of $21,000. After subtracting the residual value, depreciation allowance per mile was $0.96. How much was Melissa’s purchase price was over or below the below the book value? Note: Input the amount as a positive value. Purchase Price was: The book value by:

Jaime Baldwin owns and operates Love Transport Co. During the past year, Jaime incurred  the following costs related to an 18-wheel truck:   1. Changed engine oil. 2. Installed a wind deflector on top of the cab to increase fuel mileage. 3. Replaced fog and cab light bulbs. 4. Modified the factory-installed turbo charger with a special-order kit designed to add 50 more horsepower to the engine performance. 5. Replaced a headlight that had burned out. 6. Removed the old CB radio and replaced it with a newer model with a greater range. 7. Replaced the old radar detector with a newer model that detects the KA frequencies now used by many of the state patrol radar guns. The detector is wired directly into the cab, so that it is partially hidden. In addition, Jaime fastened the detector to the truck with a locking device that prevents its removal. 8. Replaced the hydraulic brake system that had begun to fail during his latest trip through the Rocky Mountains. 9. Installed a television in…

Duane purchased a painting for $9800 at the beginning of 2009. He received annual payments of $550 at the end of each year through 2014 by putting up the painting for show. At the end of 2014, he sells the painting for $10,000. Compute the yield (internal rate of return) Duane earned on his painting purchase.

Adam is employed as a hairdresser.  He also teaches hairdressing on some evenings at the Advanced College of Hairdos.  Over the last year he has kept a log book which shows his car travel over a 12 week period is as follows: Salon to home 3,150 km   Home to salon 3,150 km   Salon to College 1,840 km   College to Home 2,147 km   Other Private travel 5,632 km   Travel to Conference 900 km     Adam's motor vehicle cost $36,200, has a 2.0 litre engine capacity and had an adjustable value of $28,200 as at 1 July 2014 and an effective life of 8 years. He incurred the following substantiated expenses: Fuel   $  5,200 Insurance   920 Registration   350 Service/Repairs   1,040 Road tolls (incurred in driving between the salon and home) 1,200 Speeding fine incurred travelling from salon to college 225 Required: Calculate Adam's maximum deduction for motor vehicle expenses.  Show all available…

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Mickey is a 12-year-old dialysis patient. Three times a week for the entire year, he and his mother, Sue, drive 20 miles one way to Mickey's dialysis clinic. On the way home, they go 10 miles out of their way to stop at Mickey's favorite restaurant. Their total round trip is 50 miles per day. Required: How many of those miles, if any, can Sue use to calculate an itemized deduction for transportation? Use the medical mileage rates in effect for 2022, 18 and 22 cents a mile per each half of the year, to determine the deduction, based upon their driving being accrued evenly throughout the year. Compute Itemized deduction. Note: Round your "Itemized deduction" answer to 2 decimal places. Number of miles to be used Itemized deduction X Answer is complete but not entirely correct. $ January through June July through December 6,240 x 1,123.20 S 6240 X 1,372.80 x

George has chosen to buy a new car with a cost of $21, 760 before taxes. Find the cost of the car inclusive of HST. Enter a numeric value only, rounded to 2 decimals places. An answer of $100 should be entered as 100.00.

am. 296.

Talbot purchases business machinery for a price of $100,000. Talbot pays the seller $20,000 in cash and finances the rest by giving the seller a note for $80,000. What is Talbot’s initial basis in this machinery?