Lester uses his personal automobile in his business of selling insurances. He bought a new...

50.1K

Verified Solution

Question

Accounting

Lester uses his personal automobile in his business of selling insurances. He bought a new car in 2014 and drove it a total of 28,000 miles of which 4,000 miles were for commuting and other personal uses. Actual gas, oil, repairs, licensing, insurance, and depreciation totaled $16.200 for 2014. Actual parking expenses for business were $200. What is the maximum amount Lester can deduct for 2014?

a. $12600

b. $11054

c. $12980

d. $13615

e. $14086

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