Required: a. If Jessica uses the standard mileage method, how much may she deduct on her 2022 tax return (miles were incurred ratably throughout the year)? b. What is the deduction for 2022 assuming the actual method was used from the beginning? Calculate depreciation only, the truck is not limited by the luxury auto rules. Also, assume $179 was not elected in the year of purchase. a b. Deduction

Required: a. If Jessica uses the standard mileage method, how much may she deduct on her 2022 tax return (miles were incurred ratably throughout the year)? b. What is the deduction for 2022 assuming the actual method was used from the beginning? Calculate depreciation only, the truck is not limited by the luxury auto rules. Also, assume $179 was not elected in the year of purchase. a b. Deduction

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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