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George Dick, an employee of Plum Corporation, drove his car atotal of 17.966miles during 2008. Of the total miles, 17.122werebusiness miles accumulated evenly throughout the year. The totalexpenses of operating his automobile for the year were asfollows.

Gasoline $1,072

License fee 150

Oil 250

Insurance 970

Repairs 360

Interest on automobileloan 1,100

Parking and toll fees forbusiness 250

George purchased his automobile on June 30, 2006 for $12,000,and depreciation expense for 2008 (assuming 100 percent businessuse) is $2,304. In the past he has used the standard mileage methodto calculate his depreciation. Using Form 2106 on pages 4-31 to4-32, calculate George's deduction for automobileexpenses.

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Category:- Accounting Basics
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