In January of 2016,Brett Purchased a Porsche for $100,000 to Be

question 50

Essay

In January of 2016,Brett purchased a Porsche for $100,000 to be used in his business.Brett drove the car 83 percent of the time for business.What is the maximum amount that Brett may deduct in 2016?

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Definitions:

Economic Factors

External elements that influence the performance of economies, including inflation rates, employment levels, and gross domestic product (GDP).

Cultural Factors

Elements of human society that influence behavior, beliefs, and values, including language, norms, and traditions.

Bilingual Abilities

The capacity to understand, speak, read, or write in two languages.

Religious Beliefs

Systems of faith and worship that generally involve belief in a divine or higher power and are characterized by specific rituals, practices, and moral codes.