Once a Taxpayer Uses the Standard Mileage Method to Determine

question 37

True/False

Once a taxpayer uses the standard mileage method to determine the deduction for automobile expenses for the tax year, the standard mileage method must be used in all subsequent years.
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Definitions:

Consideration

Something of value that is exchanged between parties in a contract, making the agreement legally binding.

Extra Vacation Week

An additional week of vacation granted beyond the standard allocated time, often as a benefit or reward.

Valid Contract

An agreement between two or more parties that is enforceable by law, having all essential elements like offer, acceptance, and consideration.

Injustice

A situation or action that is perceived as unfair, unequal, or undeserving.