Determine cost recovery deduction of automobile

Reference no: EM13142512

Hans purchased a new passenger automobile on August 17, 2009, for $40,000. During the year the car was used 40% for business and 60% for personal use. Determine his cost recovery deduction for the car for 2009.

A) $500.

B) $1,000.

C) $1,184.

D) $1,500.

E) None of the above.

Reference no: EM13142512

Questions Cloud

Find norm deductible loss : The car was covered by a $2,000 deductible insurance policy. Norm did not file a claim against the insurance policy because of a fear that reporting the accident would result in a substantial increase in his insurance rates. His adjusted gross inc..

What are the tax consequences of the stock redemption : In the current year, Tan Corporation redeems 300 shares of Jacob’s stock for $320,000. What are the tax consequences of the stock redemption to Jacob?

What is the molar mass of the compound : If 1.56g of a gas has a volume of 1.00 L at .984 atm and 50 degrees Celcius, what is the molar mass of the compound

What are tax consequences to sheldon and hawk corporation : Hawk Corporation redeems 75 shares of Sheldon’s stock for $75,000. Sheldon had acquired all of his shares 10 years ago at a cost of $100 per share. What are the tax consequences to Sheldon and Hawk Corporation as a result of the stock redemption?

Determine cost recovery deduction of automobile : Hans purchased a new passenger automobile on August 17, 2009, for $40,000. During the year the car was used 40% for business and 60% for personal use. Determine his cost recovery deduction for the car for 2009.

How many moles contain each of the following : How many moles contain each of the following? 3.75 x 10^24 molecules CO2

Compute the arithmetic mean and median : The following table provides the weight in grams of a sample of 50 bags produced in one hour by a single machine: Compute the arithmetic mean and median.

What amount is reportable as interest income : Elsie, Elmer's wife, did not own any of the Virginiana Mutual Fund shares, but she did receive $175 in interest on a savings account at the Moss National Bank and $1,475 in interest on California Municipal Bonds. Elmer and Elsie filed a joint inco..

Total dollar amount of discount or premium amortization : Calculate the total dollar amount of discount or premium amortization during the first year (5/1/04 through 4/30/05) these bonds were outstanding. (Show computations and round to the nearest dollar.)

User Account

All Pages