Once the Actual Cost Method Is Used, a Taxpayer Cannot

question 46

True/False

Once the actual cost method is used, a taxpayer cannot change to the automatic mileage method in a later year.

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Definitions:

Identity

The sense of self, defined by individual characteristics, beliefs, values, and social relationships that distinguish a person.

Competence

The ability or skill to perform a task effectively or to a given standard, often developed through practice and learning.

Identity

The collection of characteristics, traits, and social roles that define an individual or group.

Career

A person's progress or general course of action through life or through a phase of life, as in some profession or undertaking.