Actual cost method, Compute Amelie's deduction before the

Actual cost method

Assignment Help Taxation

Reference no: EM13168698

Amelie is an employee who uses her personal automobile in connection with her job. During 2013, Amelie drove her car a total of 28,000 miles. Her business log shows that she drove 22,400 miles for business purposes. She reimbursed $0.30 per mile from her employer for her business miles and she makes an adequate accounting to her employer. During 2013, Amelie incurred the following actual expenses based on 100% business use that is, 28,000 miles:

Gas and oil$7,800

Repairs and maintenance 2,300

Depreciation 5,800

Insurance 1,440

Licenses and fees 300

$17,640

Compute Amelie's deduction before the 2% of AGI floor if she uses the actual cost method.
Compute Amelie's deduction before the 2% of AGI floor if she uses the standard mileage method.
Assume Amelie used the standard mileage method in 2013. In addition to the automobile expenses above, she made several business trips and incurred the following travel expenses:

Airfare$4,600

Hotel 1,860

Meals and entertainment720

Taxi fees and tips280

$7,460

None of the above expenses was personal in nature and she receive reimbursements from her employer of $4,476. If Amelie's AGI was $120,000, what is her deduction in 2013 after all limitations?

Reference no: EM13168698

Questions Cloud

Find the ph of a solution that has a weak acid : Find the pH of a solution that has a weak acid concentration of 1.72 M and a weak base concentration

A molecule in which centers of positive and negative charge : A molecule in which centers of positive and negative charge do not coincide must be.

Explain what is a zymogen : What is a zymogen? Is it used over and over like other enzymes? And what is the physiological advantage

What is the amount dubois will receive on the sale : What is the interest rate, to the nearest percent, used in discounting this purchase transaction and what is the amount Dubois will receive on the sale of the note?

Actual cost method : Compute Amelie's deduction before the 2% of AGI floor if she uses the actual cost method and compute Amelie's deduction before the 2% of AGI floor if she uses the standard mileage method.

Explain whats the concentration of the ammonia solution : ammonia solution required 10.83 mL of 0.9760 M HCl to reach endpoint, whats the concentration of the ammonia solution?

State cuvette placement to avoid pre-and post-filter effects : Why are fluorescence measurements made at 90 degrees from the incident beam in most cases? 3. What is the ideal cuvette placement to avoid pre- and post-filter effects?

Explain whats the concentration of the acetic acid solution : whats the concentration of the acetic acid solution? If 10.91 mL of an acetic acid solution required 9.78 mL of 1.0439 M NaOH

Journalize and post the adjusting entries : Prepare a trial balance, and enter it on a 10-column worksheet with columns for a trial balance, adjustments, and adjusted trial balance, an income statement, and a balance sheet.

User Account

All Pages