Mark travels for his business and spends a lot of time in his vehicle, which is used exclusively fo business. His vehicle is fully depreciated. He keeps track of his gas by saving bank statemets and highliting the entries from the gas station, which total $7,500. He also tracks his milage, which is 30, miles. After downloading an app at the end of last year, he has tracked the distance and duration of every business trip, as well as the client name and trip purpose. What is Mark's maximum deduction for automobile expenses in 2021?
Mark travels for his business and spends a lot of time in his vehicle, which is used exclusively fo business. His vehicle is fully depreciated. He keeps track of his gas by saving bank statemets and highliting the entries from the gas station, which total $7,500. He also tracks his milage, which is 30, miles. After downloading an app at the end of last year, he has tracked the distance and duration of every business trip, as well as the client name and trip purpose. What is Mark's maximum deduction for automobile expenses in 2021?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Mark travels for his business and spends a lot of time in his vehicle, which is used exclusively fo business. His vehicle is fully
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