In January of 2014,Brett Purchased a Porsche for $100,000 to Be

question 49

Short Answer

In January of 2014,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 2014?

---

Definitions:

Possessory Lien

A legal right allowing an individual to retain possession of property until a debt owed by the property owner is paid.

Artisan

A skilled craft worker who makes or creates things by hand that may be functional or strictly decorative.

Compensated Surety

A surety who receives compensation for guaranteeing the performance or obligations of another.

Contract Change

Modifications or amendments to the terms and conditions of a contract, typically agreed upon by all involved parties.