If you use your car for both business and pleasure, the Canada Revenue Agency will usually allow you to report a portion of the costs of operating the vehicle as a business expense. This portion is determined by the ratio of the distance travelled on business to the total distance travelled in the year. Last year, Harjap spent a total of $11,348 on gasoline, oil, repairs and maintenance, and insurance. His travel log shows that he drove 14,488 km on business and 8329 km on personal use. What vehicle expense can Harjap report for the year? (Round your answer to the nearest cent.) Vehicle business expenses

If you use your car for both business and pleasure, the Canada Revenue Agency will usually allow you to report a portion of the costs of operating the vehicle as a business expense. This portion is determined by the ratio of the distance travelled on business to the total distance travelled in the year. Last year, Harjap spent a total of $11,348 on gasoline, oil, repairs and maintenance, and insurance. His travel log shows that he drove 14,488 km on business and 8329 km on personal use. What vehicle expense can Harjap report for the year? (Round your answer to the nearest cent.) Vehicle business expenses

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 22P

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