On July 1, 2018, Brent purchases a new automobile for $46,000. He uses the car 82% for business and drives the car for business purposes as follows: 8,000 miles in 2018, 20,000 miles in 2019, 22,400 miles in 2020, and 16,000 miles in 2021. Determine Brent's basis in the business portion of the auto as of January 1, 2022, under the following assumptions: If required, round your computations to the nearest dollar. a. Brent uses the automatic mileage method. Compute his basis adjustments for depreciation for each year. Click here to access the basis adjustment table. 2018: S 2019: 2020: S 2021: 2,000 5,200 6,048 4,160 Brent's adjusted basis in the auto on January 1, 2022, is $ 17,408 X

On July 1, 2018, Brent purchases a new automobile for $46,000. He uses the car 82% for business and drives the car for business purposes as follows: 8,000 miles in 2018, 20,000 miles in 2019, 22,400 miles in 2020, and 16,000 miles in 2021. Determine Brent's basis in the business portion of the auto as of January 1, 2022, under the following assumptions: If required, round your computations to the nearest dollar. a. Brent uses the automatic mileage method. Compute his basis adjustments for depreciation for each year. Click here to access the basis adjustment table. 2018: S 2019: 2020: S 2021: 2,000 5,200 6,048 4,160 Brent's adjusted basis in the auto on January 1, 2022, is $ 17,408 X

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter10: Cost Recovery On Property: Depreciation, Depletion, And Amortization

Section: Chapter Questions

Problem 56P

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