Which of the Following Is Incorrect Regarding Luxury Automobile Limitations

question 70

Multiple Choice

Which of the following is incorrect regarding luxury automobile limitations?

• A)Passenger autos with a gross weight of less than 6,000 pounds are subject to the limits.
• B)Light trucks or vans that are less than 6,000 pounds are subject to the limits.
• C)The limits are reduced further if the business use is less than 100%.
• D)The luxury limitations do not apply to the Section 179 expense deduction.

Calculate the acid test ratio.

Compute the ratio of accounts receivable to net sales.

Determine inventory levels and average inventory.

Understand the concept of working capital ratio.

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