Which of the following is true of the computation of business automobile expenses? ...
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Accounting
Which of the following is true of the computation of business automobile expenses?
| Business use of the automobile must be determined in order to calculate the expense under either the standard mileage rate or actual expense method. | ||
| Estimated expenses are allowed if the documentation for the expenses is not available. | ||
| The standard mileage rate already includes in it an allowance for business parking and tolls. | ||
| Actual car expenses include only out-of-pocket costs of operating the automobile, and specifically exclude depreciation charges. |
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