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Frank purchased a vehicle for business and personal use. In 2020, he used the vehicle 70% for business (10,600 business miles incurred equally throughout the year) and calculated his vehicle expenses using the standard mileage rate. Frank also paid $1,800 in interest and $500 in county property tax on the car. What is the total business deduction related to business use of the car? Multiple Choice $6,556 $8,389 $7705 $6,238

Frank purchased a vehicle for business and personal use. In 2020, he used the vehicle 70% for business (10,600 business miles incurred equally throughout the year) and calculated his vehicle expenses using the standard mileage rate. Frank also paid $1,800 in interest and $500 in county property tax on the car. What is the total business deduction related to business use of the car? Multiple Choice $6,556 $8,389 $7705 $6,238

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Frank purchased a vehicle for business and personal use. In 2020, he used the vehicle 70% for business (10,600 business miles incurred equally throughout the year) and calculated his vehicle expenses using the standard mileage rate. Frank also paid $1,800 in interest and $500 in county property tax on the car. What is the total business deduction related to business use of the car? Multiple Choice $6,556 $8,389 $7705 $6,238
Transcribed Image Text:Frank purchased a vehicle for business and personal use. In 2020, he used the vehicle 70% for business (10,600 business miles incurred equally throughout the year) and calculated his vehicle expenses using the standard mileage rate. Frank also paid $1,800 in interest and $500 in county property tax on the car. What is the total business deduction related to business use of the car? Multiple Choice $6,556 $8,389 $7705 $6,238
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