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:

Consumer Surplus

The deviation between what consumers intend and are able to spend on a good or service compared to their final payment.

Tax

A financial charge or levy imposed by a government on individuals or entities to fund public expenditure, creating government revenue.

Quantity Sold

The total number of units of a product or service purchased by customers over a specified period.

Tax

A compulsory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization.