If Actual Business Use of an Automobile Is Less Than

question 37

True/False

If actual business use of an automobile is less than 100 percent, the annual automobile depreciation limitations must be reduced to reflect the actual business use only.

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Definitions:

Disposable Income

Net income available to households after taxes and other deductions, used for spending or saving.

GDP

GDP represents the sum total of all monetary values of goods and services produced inside a nation's boundaries over a given time frame.

Trillion

A numerical value representing one thousand billion, or 10^12 in the United States and other countries using short scale numbering.

Total Savings

The aggregate amount saved by individuals, businesses, and the government, often measured over a specific time period.