Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. required information [the following information a

Required information [The following information applies to the questions displayed below.] Ryan...

70.2K

Verified Solution

Question

Accounting

Required information
[The following information applies to the questions displayed below.]
Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $2,080 for gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $4,800. During the year, he drove his car a total of 12,600 miles (a combination of business and personal travel).
Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.
a. Ryan can provide written documentation of the business purpose for trips totaling 2,520 miles. What business expense amount can Ryan deduct (if any) for these trips?
Maximum deductible amount
image

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

Accounting
1.2K views

Katie is a shareholder in Engineers One, a civil engineeringcompany. This year, Katie's share...

Civil Engineering
1.2K views

Construction Safety 1. CEO of a residential roofing business: “This fall protection standard is ridiculous. I can’t...

Biology
1.2K views

A cleavage furrow is seen in A cytokinesis of animal cells B cytokinesis of plant...

Physics
1.2K views

The VC shown in the diagram has zero error in it as you can see...

Basic Math
1.2K views

If A a b c d and B c d e f g then n...

Statistics
1.2K views

customers waited for their orders at two different restaurants There were 19 wait times recorded...

Accounting
1.2K views

The financial accounting records are used to de expended...

Accounting
1.2K views

Help with these questions please, formulas would be MUCH appreciated as well. ...

Accounting
1.2K views

Regarding the statement of cash flows, which of the following is true? A. The statement...

Finance
1.2K views

A basic ARM is made for $217,000 at an initial interest rate of 6 percent...

Finance
1.2K views

List the tools of monetary policy and explain only open market operation.

Accounting
1.2K views

To meet the first due diligence requirements a Tax Professional must:: 1. Read each question...