Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. core inc, buys a luxury car for business and perso

Core Inc, buys a luxury car for business and personal use at cost of $65,000...

90.2K

Verified Solution

Question

Accounting

Core Inc, buys a luxury car for business and personal use at cost of $65,000 in the current year. Assume there is inflation after 2019. See 289F(d)(7)). a.Compute maximum depreciation deductions available to Core inc.,, assuming 168(k) applies and there is no personal usage of car. b.What results to Core inc., under the facts of (a), above, if the car is used for business purposes the following percentages of the time in the following years; year 1- 70%; year 2- 80%; year three 70%; year 4 and later 60% each year. c.What general results (DO NOT COMPUTE), to Core Inc., in (b), above, if in years 4 and following the car is used only 50% for business use?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students