Reference no: EM132697558
On July 1, 2014, Rex purchases a new automobile for $40,000. He uses
the car 80% for business and drives the car as follows: 8,000 miles in 2014, 19,000 miles in 2015, 20,000 miles in 2016, and 15,000 miles in 2017.
Problem 1: Determine Rex's basis in the business portion of the auto as of January 1, 2018, under the following assumptions:
a. Rex uses the automatic mileage method.
b. Rex uses the actual cost method. [Assume that no § 179 expensing is claimed and that 200% declining-balance cost recovery with the half-year convention is used-see. The recovery limitation for an auto placed in service in 2014 is as follows: $3,160 (first year), $5,100 (second year), $3,050 (third year), and $1,875 (fourth year).]
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