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On October 15, 2010, Jon purchased and placed in service a new car. The purchase price was $25,000. This was the only business use asset Jon acquired in 2010. He used the car 80% of the time for business and 20% for personal use. Jon used the statutory percentage method of cost recovery. If Congress reenacts additional first-year depreciation for 2010, he elects not to take additional first-year depreciation. find out the total deduction Jon may take for 2010 with respect to the car.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M982588

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