IGene claimed the standard mileage rate for a car he placed into service in 2023...
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IGene claimed the standard mileage rate for a car he placed into service in for his business. Which of the following is true? Because he claimed the standard mileage rate in Year Gene must claim it in all subsequent years. In Year Gene may switch to the declining balance method as long as his businessuse percentage exceeds Gene may elect to claim special depreciation or a Section deduction for the car in Year If Gene switches to the actual expense method in a later year, he must use straightline depreciation over an ADS recovery periodDS The Section deduction. placed in service this year
IGene claimed the standard mileage rate for a car he placed into service in for his business. Which of the following is true?
Because he claimed the standard mileage rate in Year Gene must claim it in all subsequent years.
In Year Gene may switch to the declining balance method as long as his businessuse percentage exceeds
Gene may elect to claim special depreciation or a Section deduction for the car in Year
If Gene switches to the actual expense method in a later year, he must use straightline depreciation over an ADS recovery periodDS
The Section deduction. placed in service this year
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