If a Used $35,000 Automobile Used 100% for Business in the First

question 61

True/False

If a used $35,000 automobile used 100% for business in the first year (2014)fails the 50% business usage test in the second year,no cost recovery will be recaptured.

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Definitions:

Few Persons

A term not widely used in a specific financial or legal context; generally, it refers broadly to a small number of individuals.

Commingles

The act of mixing or combining funds or properties in a way that makes them indistinguishable from one another.

Corporate Interests

The concerns, objectives, or priorities of a corporation, often related to profitability, growth, and protecting the company's market position.

Debts

Money owed by one party to another under an agreement to repay borrowed funds or services.