Calculate the total deduction with respect to the car

Assignment Help Accounting Basics

Reference no: EM13153849

On October 15, 2010, Jon purchased and placed in service a new car. The purchase price was $25,000. This was the only business use asset Jon acquired in 2010. He used the car 80% of the time for business and 20% for personal use. Jon used the statutory percentage method of cost recovery. If Congress reenacts additional first-year depreciation for 2010, he elects not to take additional first-year depreciation. Calculate the total deduction Jon may take for 2010 with respect to the car.

Reference no: EM13153849

Questions Cloud

Competitive market with an equilibrium price : Does your answer to Question 16a Change if buyers pay $8 per unit to the intermediary but sellers offer to rebate part of that expense to buyers?

How many kilograms of sodium carbonate must be added : A tanker truck carrying 2.01×10^3 kg of concentrated sulfuric acid solution tips over and spills its load. The sulfuric acid solution is 95.0% H_2SO_4 by mass and has a density of 1.84 g/L. Sodium carbonate Na_2CO_3) is used to neutralize the sulf..

The cleanco chemical company : The Cleanco Chemical Company sells cleaning compounds (dishwashing powders, floor cleaners, nonpetroleum lubricants) in a keenly competitive environment to restaurants, hospitals and schools. Delivery time on orders determines whether a sale can be m..

Calculate tater and pepper''s 2012 ebit. : Tater and Pepper Corp. reported free cash flows for 2012 of 309.1 million and investment in operating capital of 22.1 million. Tater and Pepper incurred 13.6 million in depreciation expense and paid 28.9 million in taxes on EBIT in 2012. Calculate Ta..

Calculate the total deduction with respect to the car : Jon used the statutory percentage method of cost recovery. If Congress reenacts additional first-year depreciation for 2010, he elects not to take additional first-year depreciation. Calculate the total deduction Jon may take for 2010 with respect..

A company can produce a part : A company can produce a part it uses in an assembly operation at the rate of 90 an hour. The company operates eight hours a day, 300 days a year. Daily usage of the part is 500 parts. The company uses the part everyday. The annual holding cost is $4...

S the present value of the futures contract in dollars : Treasury bond futures contract settles at 105'8. a. What is the present value of the futures contract in dollars? b. If the contract settles at 105-8, are current market interest rates higher or lower than the standardized rate on a futures contract..

How large a sample is needed to be accurate within value : She wants to be 95% confident that her estimate is correct. If the standard deviation is $1050, how large a sample is needed to be accurate within $200?

Managing a diverse workforce : What are the environmental issues that the Organization's management is facing? What strategies are being implemented to adapt to these environments? What other strategies to adapt to these environments, would the team suggest?

User Account

All Pages