Multiple Choice
On June 1, 2012, Irene places in service a new automobile that cost $21,000.The car is used 70% for business and 30% for personal use.(Assume this percentage is maintained for the life of the car.) She does not take additional first-year depreciation.Determine the cost recovery deduction for 2013.
A) $3,060.
B) $3,290.
C) $3,430.
D) $6,720.
E) None of the above.
Correct Answer:
Verified
Correct Answer:
Verified
Q12: For real property, the ADS convention is
Q32: James purchased a new business asset (three-year
Q35: The basis of an asset on which
Q37: The concept of depreciation assumes that the
Q39: The basis of cost recovery property must
Q40: If a new car that is used
Q41: On February 20, 2012, Susan paid $200,000
Q46: The cost recovery basis for property converted
Q72: Any § 179 expense amount that is
Q94: Taxpayers may elect to use the straight-line