1 answer

Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan...

Question:

Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $1,590 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 18,800 miles (a combination of business and personal travel).

Ryan estimates that he drove approximately 1,925 miles on business trips, but he can only provide written documentation of the business purpose for trips totaling 1,060 miles. What business expense amount can Ryan deduct (if any) for these trips?

What I have been doing to solve this question is taking the 1,060 miles and dividing it by the total 18,800 miles and taking this decimal and multiplying it by the $4800 of depreciation. After that, I add the $1590 for gasoline. Can someone explain where I need to fix my calculations?


Answers

  • Gasoline: $ 1590 * 1060 miles / 1925 miles = $ 876
  • Depreciation: $ 4800 * 1060/18800 = $ 271
  • So, Total Deduction is $ 1147.

Hope this helps. Comment in case of any query.

.

Similar Solved Questions

1 answer
(a) Graph the given function, (b) find all values of x where the function is discontinuous,...
(a) Graph the given function, (b) find all values of x where the function is discontinuous, and (c) find the limit from the loft and the right at any values of x where the function is discontinuous 4x2 x) X-3x+ 2 x>0 xs0 (a) Choose the correct graph below O dos (b) Select the correct choice below...
1 answer
One and six hundredths subtracted from eight and thirty two hundreaths
one and six hundredths subtracted from eight and thirty two hundreaths? Help me please. Thanks!!!!...
1 answer
Shape FilB Convert to Picture Shapes Text Arrange Quick MENG 3505 Mechanics of Materials Spring 2018...
Shape FilB Convert to Picture Shapes Text Arrange Quick MENG 3505 Mechanics of Materials Spring 2018 Example, Contact of Spherical Surfaces Two carbon steel spherical surfaces, each 30 mm in diameter, are pressed together by a force F Find the maximum values of the principal stresses and the maximum...
1 answer
(1 point) Write a triple Integral, including limits of integration, that gives the volume between 3x...
(1 point) Write a triple Integral, including limits of integration, that gives the volume between 3x + y + z = 4 and 4x + 4y + z = 4 and above x + y S3.x > 0.7 20. LAH! d volume d where a d e- and fa (Note: values for all answer blanks must be supplied for this problem to be able to check the ans...
1 answer
X is a normally distributed variable with mean μ = 30 and standard deviation σ =...
X is a normally distributed variable with mean μ = 30 and standard deviation σ = 4. Find P(x < 40)?...
1 answer
At September 1, 2017 RFULL SCREEN PRN Question 7 At September 1,2017, Five-o Inc. reported retained...
At September 1, 2017 RFULL SCREEN PRN Question 7 At September 1,2017, Five-o Inc. reported retained earnings of $136,000. During the month, Five-O generated revenues of $20, purchased equipment for $5,000 and paid dividends of $2,000. What i the balance in retained earnings at September 30, 2017...
1 answer
Question 2 nts 0.33/1 S Sup- Your answer is partially correct Samples of a cast aluminum...
Question 2 nts 0.33/1 S Sup- Your answer is partially correct Samples of a cast aluminum part are classified on the basis of surface finish (in microinches) and edge finish. The results of 100 parts are Edge Finish Excellent Good Excellent 73 8 Surface Finish Good 2 17 Let A denote the event that a ...
1 answer
A) A wire carrying a current I is perpendicular to a magnetic field of strength B....
a) A wire carrying a current I is perpendicular to a magnetic field of strength B. Assuming a fixed length of wire, which of the following changes will result in decreasing the force on the wire by a factor of two? Select all correct answers - Decreas the current in th e wire to I/2 - Decrease the ...
1 answer
How do I find the range of the function. #y=2+sinx#?
How do I find the range of the function. #y=2+sinx#?...
1 answer
2 pts Question 4 Identify all conjugate acid-base pairs in the reaction shown. N(CH3)H2(aq) + H2O(l)...
2 pts Question 4 Identify all conjugate acid-base pairs in the reaction shown. N(CH3)H2(aq) + H2O(l) <= N(CH3)H3(aq) + OH"(aq) ON(CH3)H3/OH N(CH3)H3/H20 ' N(CH3)H/OH H30/OH N(CH3)H/N(CH3)H3 H2O/H30 H2O/OH-...
1 answer
4. Let f be a differentiable function defined on (0, 1) whose derivative is f'(c) =...
4. Let f be a differentiable function defined on (0, 1) whose derivative is f'(c) = 1 - cos (+) [Note that we can confidently say such an f exists by the FTC.) Prove that f is strictly increasing on (0,1). 5. Let f be defined on [0, 1] by the following formula: 1 x = 1/n (n € N) 0, otherwis...
1 answer
Homework: 2-2 MyEconLab: Module Two Homework Score: 0 of 4 pts 7 5 of 10 (10...
Homework: 2-2 MyEconLab: Module Two Homework Score: 0 of 4 pts 7 5 of 10 (10 complete) X Concept: Real/Nominal GDP 1 A simple economy produces two goods, Apple Pies and Software. Price and quantity data are as follows: Production and Prices in Year 1 (Base year) Product Quantity Price Per Unit Apple...
1 answer
Chlorine dioxide (ClO2) is used as a disinfectant in municipal water-treatment plants. It decomposes in a...
Chlorine dioxide (ClO2) is used as a disinfectant in municipal water-treatment plants. It decomposes in a second-order reaction with a rate constant of 0.078 M–1s–1. If the initial concentration were 0.101 M, what would the concentration be after 13.42 s has elapsed?...
1 answer
A) Briefly describe the role of Single Sign On in authentication technologies. b) Compare and contrast...
a) Briefly describe the role of Single Sign On in authentication technologies. b) Compare and contrast Access Control Lists with Role Based Access Control (RBAC) system. c) Briefly discuss the difference between Discretionary Access Control and Mandatory Access Control. Give examples to elaborate yo...
1 answer
Question 3: Unicon Labels needs to expand its facilities. To do so, the machine costing $200,000....
Question 3: Unicon Labels needs to expand its facilities. To do so, the machine costing $200,000. The machine can be leased on lease and purchase plans are as follows:- s. 1o do so, the company must acquire a ne machine can be leased or purchased. The terms of the Lease: The leasing arrangement requ...
1 answer
How has tax law developed in the United States? Has there always been a tax on...
How has tax law developed in the United States? Has there always been a tax on income? What are the reasons that prompt Congress to impose taxes on individuals and businesses?...
1 answer
Question 13 6 pts Label your work for this question, "d/dx trig inverse," and write your...
Question 13 6 pts Label your work for this question, "d/dx trig inverse," and write your work clearly, neatly, and legibly. Find the derivative of the function: y = (16x2 + 1 Jtan-'(4x) 32tan-(4x) + 4 32tan (4x) + 4 No correct answer choice is given. 1 +16x2 16x?tan-(4x) + 4...