On october 15 2011 john purchased and placed in service a, Ask an Expert

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On October 15, 2011, John purchased and placed in service a used car. The purchase price was $25000. This was the only business use asset john acquired in 2011. He used the car 80% of the time for business and 20% for personal use. John used the statutory percentage method of cost recovery. He elects not to take additional first-year depreciation. Calculate the total deduction John may take for 2011 with respect to the car.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9969464

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