Jean Brochet uses an automobile in a business he carries on as a sole proprietor. The automobile cost $53,000 in 2021 and is not a ero - emission vehicle, with maximum CCA claimed in that year. Assume that the automobile was eligible for the Accll. The purchase was financed with a bank loan of $37,000. In 2022, the interest on this loan totaled $4,440. The automobile is used exclusively for business purposes, with the 2022 operating expenses totaling $7,500. What is the maximum automobile deduction that can be claimed for 2022? a. 24665 b. 19875 c. 16100 d . 16890
Jean Brochet uses an automobile in a business he carries on as a sole proprietor. The automobile cost $53,000 in 2021 and is not a ero - emission vehicle, with maximum CCA claimed in that year. Assume that the automobile was eligible for the Accll. The purchase was financed with a bank loan of $37,000. In 2022, the interest on this loan totaled $4,440. The automobile is used exclusively for business purposes, with the 2022 operating expenses totaling $7,500. What is the maximum automobile deduction that can be claimed for 2022? a. 24665 b. 19875 c. 16100 d . 16890
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 35P
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![Jean Brochet uses an automobile in a business he carries on as a sole
proprietor. The automobile cost $53,000 in 2021 and is not a ero - emission
vehicle, with maximum CCA claimed in that year. Assume that the
automobile was eligible for the Accll. The purchase was financed with a
bank loan of $37,000. In 2022, the interest on this loan totaled $4,440.
The automobile is used exclusively for business purposes, with the 2022
operating expenses totaling $7,500. What is the maximum automobile
deduction that can be claimed for 2022? a. 24665 b. 19875 c. 16100 d
. 16890](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd7cdeec8-17ce-47f3-b1c0-f1d4a7e7bc48%2F279b079a-b279-4eb0-a8d2-db11342040ca%2Fotu3k6_processed.png&w=3840&q=75)
Transcribed Image Text:Jean Brochet uses an automobile in a business he carries on as a sole
proprietor. The automobile cost $53,000 in 2021 and is not a ero - emission
vehicle, with maximum CCA claimed in that year. Assume that the
automobile was eligible for the Accll. The purchase was financed with a
bank loan of $37,000. In 2022, the interest on this loan totaled $4,440.
The automobile is used exclusively for business purposes, with the 2022
operating expenses totaling $7,500. What is the maximum automobile
deduction that can be claimed for 2022? a. 24665 b. 19875 c. 16100 d
. 16890
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