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McGraw-Hill's Taxation of Individuals 3rd Edition by Brian Spilker,Benjamin Ayers,John Robinson,Edmund Outslay ,Ronald Worsham,John Barrick,Connie Weaver
Edition 3ISBN: 978-0077328368McGraw-Hill's Taxation of Individuals 3rd Edition by Brian Spilker,Benjamin Ayers,John Robinson,Edmund Outslay ,Ronald Worsham,John Barrick,Connie Weaver
Edition 3ISBN: 978-0077328368 Exercise 46
Ryan is self-employed.This year Ryan used his personal auto for several long business trips.Ryan paid $1,500 for gasoline on these trips.His depreciation on the car if he was using it fully for business purposes would be $3,000.During the year, he drove his car a total of 12,000 miles (a combination of business and personal travel).
a.Ryan can provide written documentation of the business purpose for trips totaling 3,000 miles.What business expense amount can Ryan deduct (if any) for these trips
b.Ryan estimates that he drove approximately 1,300 miles on business trips, but he can only provide written documentation of the business purpose for trips totaling 820 miles.What business expense amount can Ryan deduct (if any) for these trips
a.Ryan can provide written documentation of the business purpose for trips totaling 3,000 miles.What business expense amount can Ryan deduct (if any) for these trips
b.Ryan estimates that he drove approximately 1,300 miles on business trips, but he can only provide written documentation of the business purpose for trips totaling 820 miles.What business expense amount can Ryan deduct (if any) for these trips
Explanation
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Travel and transportation expenses
Dete...
McGraw-Hill's Taxation of Individuals 3rd Edition by Brian Spilker,Benjamin Ayers,John Robinson,Edmund Outslay ,Ronald Worsham,John Barrick,Connie Weaver
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