Last year, Troy operated an insurance sales business and spent a significant amount of time...
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| Last year, Troy operated an insurance sales business and spent a significant amount of time traveling. He purchased a vehicle to be used 100% for business. During the year, Troy spent $2,500 on gas and $250 on repairs. He computed $10,000 of accelerated depreciation on the vehicle. Troy's miles driven during the year multiplied by the standard business mileage rate equaled $5,000. What is Troy's deductible automobile expense using the actual cost method? |
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