Kevin owns a small business and uses his vehicle for personal and business use. He drove his car a total of 30,000 miles. Business mileage totaled 22,000 and commuting/personal mileage totaled 8,000. The basis of the vehicle is $16,000. What is the vehicle’s depreciable basis (do not consider section 179 expense and/or special depreciation allowance)?a) $16,000 b) $ 4,267 c) $11,733 d) $ 0

Kevin owns a small business and uses his vehicle for personal and business use. He drove his car a total of 30,000 miles. Business mileage totaled 22,000 and commuting/personal mileage totaled 8,000. The basis of the vehicle is $16,000. What is the vehicle’s depreciable basis (do not consider section 179 expense and/or special depreciation allowance)?a) $16,000 b) $ 4,267 c) $11,733 d) $ 0

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter14: Property Transactions: Determination Of Gain Or Loss And Basis Considerations

Section: Chapter Questions

Problem 43P

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