On July 17,2010,Kevin Places in Service a Used Automobile That

question 48

Multiple Choice

On July 17,2010,Kevin places in service a used automobile that cost $18,000.The car is used 80% for business and 20% for personal use.In 2011,he used the automobile 40% for business and 60% for personal use.Determine the cost recovery recapture for 2011.

• A)$0.
• B)$1,200.
• C)$1,248.
• D)$2,400.
• E)None of the above.

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Definitions:

National Saving

The sum of private and public savings in a country, representing the total income remaining after expenditures on goods and services.

Domestic Investment

The total investment in physical assets such as buildings and machinery within a country's borders.

Goods And Services

Physical items and intangible benefits provided to satisfy the wants and needs of consumers.

Assets Abroad

Financial holdings, investments, or physical properties located outside one's home country, potentially subject to taxation and regulation in multiple jurisdictions.